You are tired of living as a tenant and now want to buy a house where you can live with peace and freedom. But your limited financial resources and adverse credit are acting as deterrence in fulfilling your wish. An adverse credit first time buyer mortgage can help you overcome the stumbling blocks and realise your dream.

A Poor Credit Mortgage for the first time buyer is designed for people with poor credit history and who are buying their home for the first time. Consumers are required to pay a part of the cost of home as down payment. This down payment is mostly in the range of 15 to 20 per cent and the rest is paid by the lender. It carries less rate of interest as the property bought acts as collateral. The longer repayment time brings the monthly installment to a lower side which in turn makes the repayments easier and regular.

A poor credit can happen due to variety of reasons like missed payments, county court judgements etc. Getting a poor credit mortgage can be a tedious job as lenders are wary of people with adverse credit. Therefore, borrowers should prepare themselves for a lot of convincing and explanation.

Buying a home on mortgage is not easy as it involves a long term financial commitment and a big amount to be repaid. It gets sometimes puzzling for a first time buyer to select a right mortgage package. In addition to that lenders charge a higher rate of interest for people with adverse credit. Since the repayment period is long, a slightly high interest rate can cost a lot to the buyer. Therefore, first time home buyers are advised to do a lot of research in the market and collect a lot of information so that they can get poor credit mortgage on affordable and attractive terms.

Author:

The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting Adverse-credit-first-time-buyer as a finance specialist.

For more information please visit =>http://www.adverse-credit-first-time-buyer.co.uk