It happens……… it’s easy to be seduced by all the free interest loans, credit agreements on offer now days, and before you know it you are robbing Peter to pay Paul, and you get caught up in a financial nightmare and have to prioritise what bills to pay first and which bills to ignore and hope they go away.

It used to be that if you had a BCH, no High Street Business would touch you, but the panel of lenders that we use, are more realistic and flexible, and have been especially chosen because they can help find you an affordable mortgage to suit your financial requirements.

So if you are looking to re-mortgage to clear off your debts and to be able to breathe easy each month, then fill in and submit the online application, all we ask is that you be as honest as possible to ensure we find you the best deal.

Bad Credit Mortgages

If you are in a position to buy a new home but have bad credit you already know that tackling a 25 year mortgage is going to be an even tougher mission to accomplish then if you have a good credit rating. The good news is that you still have a chance of getting a mortgage as there are different types of mortgages available to those with a poor credit history.

One type of mortgage is an Interest Only Mortgage which allows the person who owns the home to pay only the initial monthly interest on the mortgage or loan for a certain period of time. When that timeframe expires then the payments go up to cover both the principal amount and the interest. The interest only time period usually only lasts from three to ten years until the higher payments kick in.

A second type of mortgage is a Negative Amortization Mortgage which has very low initial payments that are often lower then the interest that is due on the mortgage or loan and the unpaid balance is then added to the principal. The only drawback is that over the years the amount owed does increase thus adding to the cost of the mortgage or loan.

The third option that is available is the Option Payment ARM which gives the homeowner the flexibility of the type of monthly payment that they would like to deposit. They have the options of selecting interest-only payment, or a payment that is designed to pay off the mortgage over 15, 30, or even 40 years.

Did you know that one in three homeowners who take out a mortgage or loan select the interest-only payment or the Option Payment ARM. You are not alone in finding the best solution to meet your financial needs. Sheengold Mortgage Brokers are here to help you 24 hours per day 7 days per week.