Why Poor Credit Mortgages?
Short term financial difficulties are now common, with research from the Citizens Advice Bureau suggesting that three quarters of a million Brits had missed at least one mortgage payment in the last year. Research from Datamonitor also suggested that just under 20 per cent of the UK’s adults were refused mainstream credit in 2005. This underlines the need for the bad credit mortgage UK agencies have found. Rising interest rates are likely to increase demand for loans from bad credit mortgage companies. The value of the bad credit mortgage UK sector is subject to dispute, as many adverse credit mortgages are considered under other banners. Merrill Lynch estimated this type of lending (including sub prime and near prime) at upwards of 25 billion in 2005. The CML’s more modest figures put the value of the adverse credit sector alone at around 15 billion. This makes it a sizeable sector*. In the short term at least, the CML foresees increased demand for bad credit mortgage UK loans. This i
