A bad credit mortgage is often necessary when you have poor credit history because of problems making payments due unforeseen financial problems. A mortgage borrower will sometimes need to switch to a bad credit mortgage if its existing lender will not accept their application. Bad credit mortgage lenders are usually more understanding towards individuals with bad credit and who are struggling financially. They will be more likely to lend to people with bad credit as they will look at each case on a case by case basis.

Your mortgage is usually the biggest financial commitment of your life. If you start to struggle making your repayments every month it sometimes worth looking at mortgages for bad credit to ease the burden. Mortgages for bad credit offer may give you the opportunity to pay of any existing debts and possibly reduce your monthly payments.

Mortgages for bad credit often help people raise extra capital when applying for a bad credit mortgage. This is sometimes an ideal situation when looking to pay off existing high interest debts etc.

Re-mortgaging is usually a great way for you to consolidate debt, carry out those much needed home improvements or go on that dream holiday you’ve always wanted too!

Most people never think about re-mortgaging as they think it’s too much hassle or they will never have enough time to look in to it.

You could be paying up to £2000 a year more than you need to and countless more thousands on unsecured debts like credit cards, personnel loans and store cards. Why not be smart about your money and make your largest asset, your property, work for you!

Your property is an investment at the end of the day and as an investment increases, like stocks and shares, why not use the equity (the real money) you’ve made and make your life easier and clear those unwanted debts or get that extended kitchen you’ve always wanted!

What is an IVA?

An IVA (Individual Voluntary Arrangement) is an agreement with your creditors to make a single reduced payment each month which lasts for a sensible period of time (normally 5 years). Once agreed, creditors are not allowed to add further interest or charges to your accounts by law. And the agreement is fixed – which means no more unnecessary charges.

The arrangement is governed by the Insolvency Act of 1986. A common misunderstanding is that people think undertaking an IVA is like going Bankrupt. This is not the case. The IVA is specifically designed to avoid the many issues and stigmas surrounding Bankruptcy.