Possibly you recently lost your business, got divorced,  had large medical bills, or mayhap you've racked up fat charges on credit cards. This will likely have caused your credit score to drop. It is a good idea to repair your credit by paying your bills on time, and reduce the number of credit cards that you carry. Remember that late repayments are as bad as not paying, and have the same negative effect on your score. 

A typical mortgage loan application calls for considerable paperwork, including particulars on your employment record, and the type of home you want to purchase. 

When the borrower and creditor mutually decide upon a certain rate of interest to be charged through out the loan tenure, it is known as fixed rate of interest. The repayment amount towards the loan remains the same through out the loan period. 

Subprime lending carries risk for both the lender and borrower because of the blend of high rates, weak credit history, and unknown financial circumstances. Even if you can't document your income, but you've an asset to pledge, you can be proffered a self-cert bad credit mortgage loan. The self-employed, freelancers, artists, contractors, non-main stream professionals usually can't document their earnings on a regular basis may have to go for this kind of loan. Loan companies will expect exact particulars of your personal financial debts, a copy of your latest pay stubs and earnings tax notice of assessment if you are an employee, or financial statements, if you are self employed. 

Lending ompanies commonly have the borrower make a deposit, that is, make an upfront repayment of a percentage of the price of the property. At one time, the necessary amount, or percentage, of a deposit has been tightly reflected on a person's credit history. If you suffer from a poor preceding financial record such as  CCJ’s, arrears, defaults, multiple debts, you may still qualify.