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Bad Credit Best Buys

Lenders within the 'bad credit' mortgage arena will usually 'pigeon hole' you into a specific product dependant on the level of bad credit information that you have registered against you. These can range from the following:

The below tables shows the top discounted and fixed rate products available (as at 05/09/05 ) using a 'True Cost Comparison' over a 3 year period. For comparison purposes, we have used a loan amount of £75,000 over 25 years on a capital and interest repayment basis and assumed a property value of at least £100,000.

We recommend using a true cost analysis as this is the sum total (over the 3 year period) of monthly payments, arrangement fees and valuation costs and this enables us to compare different benefits offered by lender's schemes fairly against each other. Generally, most lenders operating in this field will tie you to them for at least a three year period.

Near Prime Deals

Lender Initial Rate Variable Rate APR True Cost Fees & Incentives Early Redemption Charge Monthly Cost
Amber Home Loans
Fixed
4.99%
30/9/08
7.19% 7.1% £15,640 £670 (£495 can be added)
£500 cashback.
4% of loan until 30/9/2008. £440.90 then £533.24
Amber Home Loans
Stepped Discount
4.19%
30/9/06
5.19%
30/9/07
6.19%
30/9/08
7.19% 7.1% £15,995 £670 (£495 can be added)
£500 cashback
4% of loan until 30/9/08. £406.45 then £448.44 then £491.11 then £534.24

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Light Adverse Deals

Lender Initial Rate Variable Rate APR True Cost Fees & Incentives Early Redemption Charge Monthly Cost
First National (Exclusive)
Fixed
4.89%
2 Years
6.49% 6.7% £16,767 £694 (£449 can be added) 6% of loan in year 1, 5% of loan in year 2, 4% of loan in year 3. £436.25 then £504.34
Amber Home Loans
Stepped Discount
4.94%
30/9/06
5.94%
30/9/07
6.44%
30/9/08
7.44% 7.5% £16,889 £670 (£495 can be added)
£500 cashback
4% of loan until 30/9/08. £438.70 then £482.37 then £504.28 then £548.07

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Medium Adverse Deals

Lender Initial Rate Variable Rate APR True Cost Fees & Incentives Early Redemption Charge Monthly Cost
Amber Home Loans
Stepped Discount
4.94%
30/9/06
5.94%
30/9/07
6.44%
30/9/08
7.44% 7.5% £16,889 £670 (£495 can be added)
£500 cashback
4% of loan until 30/9/08. £438.70 then £482.37 then £504.28 then £548.07
Amber Home Loans
Fixed
5.99%
30/9/08
7.44% 7.6% £17,232 £670 (£495 can be added)
£500 cashback
4% of loan until 30/9/08. £485.95 then £548.98

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Heavy / Unlimited Adverse Deals

Lender Initial Rate Variable Rate APR True Cost Fees & Incentives Early Redemption Charge Monthly Cost
Platform (Exclusive)
Tracker
6.12%
3 Years
7.87% 8% £17,711 £730 (£495 can be added)
£235 cashback
6% of loan within 3 years. £491.97 then £568.74.
BM Solutions (Exclusive)
Fixed
6.2%
2 Years
6.79% 7.2% £18,184 £868 fee (£599 can be added)
£269 refunded
5% of loan in year 1, 4% of loan in year 2. £496.37 then £522.63

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Whilst great care has been taken in compiling these tables, no liability can be accepted by Mosaic Mortgages as all rates and conditions should be checked before finalising any arrangements. Furthermore, these tables do not constitute an offer of advance nor does it in any way bind any particular lender to make an advance. The tables are for illustrative purposes only and this does not constitute as the 'Full advice and Recommendation' service offered by Mosaic Mortgages as specified by the Financial Services Authority.

If you would like to calculate the monthly payment for your specific circumstances then click here to use our interactive mortgage calculator or alternatively:

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Call us now on      0845 3456744     

The overall cost for comparison is 6.9% APR. The actual rate will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Our charges are usually £495.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Mosaic Mortgages is a trading name of Mosaic Mortgage Management Limited. Mosaic Mortgage Management is regulated by the Financial Services Authority under registration number 300398. Head Office: 2nd Floor, Harrogate House, 33-35 Parliament Street, Harrogate, North Yorkshire, HG1 2AS. Telephone 0845 3456744.