Mortgage for bad credit

shomk

Hi
Can anyone give me an idea as to what sort of interest rate would be offered for a mortgage through a company that deals with adverse credit?
I appreciate its a very individual thing but are we talking 8% or 28%?!? Thanks

opinions4u

If you can get a mortgage at all, it will be below 10%. Possibly significantly lower.

What sort of purchase price and deposit do you have in mind?

What are the items that highlight your bad credit and how old are they?

shomk

Well..and this is an estimate...we have current financial difficulties of £30,000 and on debt management....The idea is to use the equity from the sale of our house to pay our debts leaving aprox £20,000 deposit if buying a cheaper house of around £160,000.
Im trying to determine if this would be better than paying our debts off for, what seems, forever and we are so fed up feeling the way we do about our situation that we wondered if this is a realistic solution?

Thrugelmir

Seems a sensible approach to release the equity in your property, clear your debts and build from there.