Bad credit loans are particularly designed for providing financial help to people who have a poor credit history. Applying for a loan with a bad credit history is really embarrassing. Most of the time banks reject such applications. And exactly here poor credit mortgages help. There are some lenders who don’t check the previous credit history of an applicant before sanctioning the loan amount. These lenders are considered lenders for poor credit mortgages. Though sometimes people have to pay a higher rate of interest on their borrowed amount, in emergency situations, only such loans can provide financial help. So, are you also planning to apply for such a loan? Well, you are on the right track. Here we will discuss every detail about this loan for your convenience.
How Does A Bad Credit Mortgage Function?
A bad credit loan works the same as any other loan. But there is a big difference in its functionality. Bad credit mortgages do not function by looking at the applicant’s previous credit record. Also, it sometimes demands a higher amount of deposit and gets sanctioned fast. An applicant at least has to come up with a deposit of 25-30%.
What Are The Eligibility Criteria For This Mortgage?
This is the most common question asked on the internet. There are so many people out there looking for such loans. But to be qualified you need to meet some eligibility criteria.
- Age proof of 18 years
- An income certificate
- An Uk bank account
- Identification proof
- Residential certificate
Submit all these documents accurately and on time to be eligible for this loan. Make sure the documents are original and up-to-date.
How Many Days Does It Take?
There are some lenders who provide instant bad credit mortgages. But if you want to speed up the process, apply with a small amount and try to find a co-signer. A co-signer can be anyone like your friends, relatives or colleagues. But to be a co-signer one needs to have a good credit score.
Is A Bad Credit Mortgage A Safe Option?
Yes of course it’s a safe option. Just make sure your lander is genuine and you are going through the right legal proceedings. It’s not only a safe option, rather we can say it’s a saviour for people who need urgent financial support.
Hope our article has answered every query of yours. We wish you get your loan soon and make your situation better. We wish you good luck and all the success.