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You may think or assume getting a mortgage with bad/adverse credit will be tricky based on experience with other personal credit lenders. However, it is not quite the case of it being tricky, it is done with applying for bad credit mortgages with specialist lenders.
Specialist lenders may help facilitate your mortgage application offering 'bad' credit mortgages, also known as 'adverse' or 'subprime' mortgages. These 'bad credit' mortgage direct lenders still have to abide by the laws and mortgage regulations as there are still regulated by the FCA.
Bad credit or Adverse credit are terms relating to the individual credit rating or a credit report from various credit referencing agencies. Bad credit or adverse is sourced from credit reference agencies such as Call Credit, Crediva, Experian, Equifax. Mortgage lenders will have to take into account your borrowing behaviour with other lenders, as well as borrowing habits. Catergorising your mortgage as a bad credit application will mean that your credit report has one or more missed payments, adverse data such as Defaults, Delinquency, CCJ.
The answer to this question which is asked by many people is not to complex as it may seem. It depends on how bad credit or adverse credit report you have. There are bad credit mortgage lenders who specialize and carry out vigorous searches on the type of adverse data in your credit report.
LTV (loan to value) is the same as those who apply with good credit, this can vary from LTV60% to LTV90%. Those who have 'bad', adverse credit, the significant changes you may encounter would be the mortgage interest rates and charges. The interest rate depends on how bad your credit report may be in the view of these specialize lenders. Interest rates for bad credit mortgages can range from 3% to up to 10%.