Although more difficult to get a home mortgage than it once was, you should still be able to find a willing lender if you have a bad credit rating. As always though you won’t get the best deals available if you have a less than perfect financial past, although shopping around will certainly help. If you are in the UK then you will find that banks are starting to lend again and its just a matter of getting a sizeable deposit together and searching the Internet for possibilities.
With the Internet on your side you should also be able to find bad credit mortgage loans that best suits your own particular needs. Of course a couple of years ago virtually anyone could get a home loan for over 100% of the value of their home. Things aren’t as lax no thanks to the credit crunch and banks are a little no careful about who they are going to lend to. That’s why have a large deposit is going to help. It makes you look like a better prospect and reduces the banks risk. If you can get this deposit together then you only have to compare rates offered by lenders who’s terms you meet.
A simple Google search is the best way to find out what’s available. You will come up with all the regular high street banks, and these are the places you want to be taking out a credit product such as a mortgage. They offer the best rates and generally treat their borrowers as fairly as possible. This means you are less likely to get your home taken off you as quickly as possible if you fall behind on your repayments. What you will want to check is what size of deposit you need for the relevant deals, expect to need at least 20% if your credit rating isn’t perfect and have the amount you want to borrow in mind so you can get a good idea of what is required.