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Basically, bad credit mortgages do not exist. They are nearly the same as standard mortgages and are nothing more than mortgages that a lender will offer to people who may fail credit checks with other lenders.
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They are also k?o?? as ?Subpri?e? ?ortgages, or ad?erse mortgages. They are in place to help people with generally poor credit histories and assist them in climbing the property ladder. However, interest rates and charges on subprime mortgages are higher as people with poor credit ratings are deemed to be at a higher risk.
However, once the applicant has spent some time paying off their bad credit, the mortgage on time will recover the poor credit ratings, which should allow the credit-y be able to move to a standard mortgage slab with a lower credit interest.
