A bad credit rating affects the financial lives of millions of people. Anyone who has missed or made late payments on a credit agreement in the past six years will have adverse credit. This may make home financing difficult to obtain, especially for a first-timer buyer with a minimal house deposit. Those who can get a mortgage will face higher monthly repayments on even the best bad credit mortgage deal.

What is a Bad Credit Mortgage?

A bad credit mortgage deal was designed to make buying a house possible for first-time buyers with adverse credit. There are also millions of people that wouldn't be able to get a remortgage because of a bad credit rating. It is believed that as many as 25% of people would be turned down for a standard mortgage. Without bad credit mortgage deals, renting a house would be the only option.