With a bad credit history, you can still obtain secured mortgages or loans. To access a secured mortgage or loan with bad credit you will in effect be borrowing against the equity available in your home and securing the debt against your property. A secured mortgage or loan can be very affordable and there are plenty of UK lenders and financial around offering great deals for customers with bad credit. The amount that you will be able to borrow will be determined by the amount of equity available on your property - this will be the figure left once you have subtracted the outstanding balance of any existing mortgage or secured loan from the property value. As lending is secured against your property, you will be able to benefit from much lower interest rates. This is because the risk to the lender of lending is decreased significantly as they have access to your home as collateral. Because of this very fact, you should consider carefully if a secured mortgage is appropriate for your circumstances. Because should you not be able to meet your repayments and default on your loan agreement, the lender can take possession of your home leaving you homeless. A secured mortgage with a bad credit history will also allow you to borrow over a longer term than with an unsecured or personal loan. This will mean that your monthly instalments are likely to be much lower too.
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