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What are the typical interest rates applied to credit cards mortgages and other debt?
Wiki User
∙ 11y ago
Your interest rate for credit depends on both the type of credit and your credit score. Those with the best terms can expect to pay less than 10% on a credit card, and have a rate under 5% for long term loans like mortgages and auto loans. Although deemed illegal by most standards and regulations, credit cards may charge 49.99% or higher to those with the lowest scores that want an unsecured card.
Wiki User
∙ 11y ago
Wiki User
∙ 8y agoImpossible to answer - since they're both dependent on the base rate (which fluctuates daily). However - a 'ball park' figure for a typical credit card would be around 30-34 percent APR, and around 5 percent for mortgages (UK figures)
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What is the main reason for bad credit mortgages?
Bad Credit mortgages are for people who do not qualify for traditional mortgages. These tipically have shorter terms with higher interest rates.
What creditors offer mortgages or refinanced mortgages to individuals with bad credit in the UK?
Some companies that offer mortgages to individuals with bad credit in the UK include GE Money, Precise Mortgages, and Saffron Building Society. These companies offer a variable 24 month mortgage with an interest of around 4.50%.
Where can you find information on credit repair mortgages?
Information on credit repair or bad credit mortgages can be found through many financial institutions or mortgage brokers. These types of loans often carry a higher interest rate, however it enables an individual to pay off their debt and correct their credit rating.
What is the best interest rate you can get on fixed rate mortgage?
fixed rate mortgages vary, it depends on your credit history and your credit score. if you have bankruptcy or foreclosures or repossessions on your credit report you will be charge a higher interest rate, it also depends on the term of your loan,
Does bad credit lead to problems with mortgages?
Bad credit can lead to problems with mortgages because a low credit score could affect your annual interest rate for a loan and cause it to become higher. It could also affect your monthly payment because bad credit will put restrictions on the down payment amount which will consequently raise your monthly payment and inevitably lead to problems with mortgages.
What is the main reason for bad credit mortgages?
Bad Credit mortgages are for people who do not qualify for traditional mortgages. These tipically have shorter terms with higher interest rates.
What are adverse credit mortgages?
An adverse credit mortgage is a relatively rarely used product that is sometimes necessary for individuals with poor credit. These mortgages typically have higher interest rates and require larger and more frequent payments compared to standard mortgages.
What are the disadvantages of bad credit mortgages?
Bad credit mortgages will likely have a higher than usual interest rate. They may also have stricter policies and penalties for late and partial payments.
What creditors offer mortgages or refinanced mortgages to individuals with bad credit in the UK?
Some companies that offer mortgages to individuals with bad credit in the UK include GE Money, Precise Mortgages, and Saffron Building Society. These companies offer a variable 24 month mortgage with an interest of around 4.50%.
What types of interest only mortgages are offered at a credit union?
Interest only mortgages are available in several types: fixed rate, adjustable rate, and hybrid. They give borrowers the flexibility to only pay the interest on their mortgage loans in the beginning of the loan term.
Where can you find information on credit repair mortgages?
Information on credit repair or bad credit mortgages can be found through many financial institutions or mortgage brokers. These types of loans often carry a higher interest rate, however it enables an individual to pay off their debt and correct their credit rating.
What is the best interest rate you can get on fixed rate mortgage?
fixed rate mortgages vary, it depends on your credit history and your credit score. if you have bankruptcy or foreclosures or repossessions on your credit report you will be charge a higher interest rate, it also depends on the term of your loan,
Does bad credit lead to problems with mortgages?
Bad credit can lead to problems with mortgages because a low credit score could affect your annual interest rate for a loan and cause it to become higher. It could also affect your monthly payment because bad credit will put restrictions on the down payment amount which will consequently raise your monthly payment and inevitably lead to problems with mortgages.
What does having a high credit score mean?
A high credit score means that you have great credit. A high credit score of over seven hundred can help you get a better interest rate on a loans like mortgages.
Can someone with bad credit still obtain mortgages in the UK?
Someone with bad credit can still obtain mortgages in the UK. Some of the companies that offer mortgages for people with bad credit are Alexander Hall and ASAP Mortgages.
Are the rates for a bad credit home loan substantially higher than if my credit was good?
The better rates for borrowing in general are extended to consumers who have better credit. A bad credit home loan does not necessarily carry an excessively high rate of interest because those loans are government funded, and the government is not known for fiscal responsibility. In a discussion of "bad credit" mortgages, the issue is not about the rate of interest but about the ability to pay, In the majority of "bad credit" mortgages, foreclosure is nearly inevitable.
Where can someone with bad credit get mortgages?
Someone with bad credit can apply for mortgages through the FHA program. These mortgages are backed up by the FHA and are a good choice for someone who has bad credit.
