Here are facts about a bad credit mortgage:

No matter what your credit history is like, you should be able to get a mortgage. A bad credit mortgage isn't hard to get, but unless you shop around or take some professional advice, you may not get the best deal. Some lenders can charge high interest rates for a bad credit mortgage, or attach severe restrictions and penalties. If you need a mortgage and you already have financial problems, you need to make sure that you do your research and speak to the experts to ensure you get the best product for your needs.

What is a bad credit mortgage? A bad credit mortgage is a product that has been specially designed to help people with credit problems buy a property, or refinance to pay off other debts. The bad credit mortgage market has grown over recent years, in line with the increase in people who have a bad credit history. It is estimated that one in four people in the UK would be declined a standard mortgage because of their bad credit. The main mortgage lenders, together with new specialist companies, have designed products that are targeted at this market, which means that people looking for a mortgage of this type have plenty of choice.

Here's a report from the UK about the bad credit mortgage:

When you apply for a new mortgage or remortgage this might be refused, even though the problems are in the past. Bad credit mortgages allow you to purchase your dream house even if you have a bad credit record. Due to the large number of people falling into bad credit, the bad credit mortgage was created. It not only helps you to buy a home but also, provided you make your monthly payments, it can help you to recover from your adverse credit history. A bad credit rating can seem a disaster and an insurmountable obstacle to purchasing your home. But in today's mortgage environment bad credit mortgages are a common and popular product and lenders offer a wide range of products. Metro Finance has been in this market for well over a decade offering bad credit mortgage products which can allow you to borrow up to 95% of the value of the property as a First time buyer and up to 100% for remortgages.

Here's a website in the UK about bad credit mortages:

Fortunately, it is easy to find a mortgage lender for bad credit these days. Whereas in the past just a handful of specialist bad credit mortgage lenders catered for this section of the market, now every bank and building society has a division specialising in bad credit mortgages and bad credit remortgages (also known as non-conforming or credit-averse mortgages).

The downside is that you may have to pay a slightly higher interest rate than you would otherwise be charged for a regular mortgage. But the good news is that a full range of fixed, capped, discounts, trackers and flexible bad credit mortgages and bad credit remortgages should be available to you. As there is a wide range of bad credit mortgage lenders available, it is more important than ever to shop around for a deal and a rate that suits you.

As a starting point, our handy mortgage calculators will tell you how much a mortgage will cost you on a monthly basis, so you can make comparisons, and the Best Buy Table may give you some idea of the rates on offer. But it can also make sense to consult a bad credit mortgage broker: they will have access to all of the bad credit mortgage deals available on the market, many of which may not be available direct to the public.

An estimated one in four Britons would be turned down by a mainstream mortgage lender. This is because not everyone fits the standard criteria lenders apply. But don't worry if you have been refused credit by a mortgage lender - help is at hand. These days there are dozens of sub prime mortgage lenders (or bad credit mortgage lenders), who cater for individual cases. Some of them are standalone, others are owned by mainstream banks and building societies. All of them offer sub prime mortgage alternatives for those bad credit mortgage borrowers who may not fit the standard mould. Bad credit mortgage lenders can give financial help to a range of different borrower types.