Advantages of a Bad Credit Mortgage
Capital appreciation. According to Land Registry figures available since 1975, properties have doubled in value every seven years. Renting a house represents dead money as the only person benefiting is the landlord;
Mortgage brokers. The assistance of a mortgage broker means that the best bad credit mortgage deals can quickly be identified. This will help to minimise monthly repayments for first-time buyers;
Home improvements. Renting a house negates any benefit from performing home improvements. Buying a house with a bad credit mortgage deal affords a first-time buyer greater personal freedom to make changes to the family home;
Credit repair. Whilst a bad credit mortgage will means higher monthly repayments for several years, any adverse credit ends after 6 years. A clean credit report will mean that the best mortgage deals will then be available. It is likely that someone's credit rating will improve after three years of punctual monthly repayments. |