Mortgage for people with bad credit history

If your in the situation where you teaser rate has now finished and you are on a much higher lenders standard variable rate, its probably going to be quite important to you to refinance.
There are a lot of individuals looking for a mortgage for people with bad credit history. How easy this is to find depends largely on how much equity you have in your home. Up to around 75% mortgages are quite easy to get still even with an element of bad credit history, as a small default for a few hundred pounds isn’t a big deal to a lender.

Since the credit crunch, lenders have been much more interested in the simple question of ability to pay. If you have wage slips and bank statements showing you can afford the mortgage loan you should get the mortgage.

It’s fair to say if you have a lot of negative equity and other debts as well, its probably not wise to borrow more money or get a bail out from family members. All you need to do is negotiate with your existing lender for as long as possible, keep what ever money you do have under your bed, and just before they come and take your home, just go and rent and let the foolish lender deal with the problem of your home.