This Bad Credit Mortgage Calculator is for illustrative purposes only.
Whilst there are many mortgage calculators on the internet and some even profess to be for ‘bad credit’, to our knowledge our tool is the only one that does actually take into account some general aspects of how mortgage rates can be affected by certain adverse credit situations.
Rather than just looking at the loan to valuation size and letting you the applicant input an interest you pluck from the air the Mortgage Success ‘Bad Credit Mortgage Calculator’ does at least offer an illustrative interest rate for comparison.
As the rates and lending criteria change daily we cannot stress enough that the tool is just for illustrative purposes only, as it cannot be not updated in real time, in terms of up to the minute interest rates or lending criteria.
Its aim is purely to give you a generic idea of the rates and products available to some people with adverse credit.
Bad Credit doesn’t mean ‘No’ and doesn’t have to mean ‘High Interest’
We regularly speak to people who have Bad Credit and are expecting rates of 6-8%, so they are usually pleasantly surprised when I can tell them rates of around 2.5% are often achievable.
As you can see from the Calculator above, there are very few Mortgage products available in excess of 5%.
Can I get a Bad Credit Mortgage?
As we have discussed the Bad Credit Mortgage Calculator is just a tool for illustrative purposes.
But you will be glad to know that we regularly help customers get bad credit mortgages with everything from a few historic missed payments to more recent problems such as CCJ’s, IVA’s and bankruptcy.
The two overriding things that make a difference to your application success and the rate of interest you will be given are: –
1. Your personal circumstances (or jointly, if applicable)
2. The lender we submit your application to
The time from your last bad credit issue is a key consideration to any application but so to are the rest of your current circumstances and the following all have a bearing on the outcome:
- Your income and affordability
- The Loan-to-Valuation (LTV) and the size of your deposit and/or equity make a very big difference on mortgage affordability and likely interest rates
- Recent Missed payments and their type. For example, if you missed recent mortgage payment, this is far more unattractive to many lenders than paying your mobile phone a week late.
Whole of Market Broker
Our job is to get the answers to the questions that bad credit lenders will want to know, so that we can present your case to the right lender for your circumstances and in the best possible light.
As we are a Whole of Market lender we aren’t tied to any one lender and can source the best product for you and your individual circumstances from the entire UK lending market.
If you would like to get a more accurate idea of the products available for you and your personal credit circumstances, do please get in touch where we will be happy to discuss your requirements in detail.