More often, specialist mortgage loans are adjustable rate mortgages (ARMs). A specialist mortgage is generally a loan that is meant to be offered to prospective borrowers with impaired credit records. The higher interest rate is intended to compensate the lender for accepting the greater risk in lending to such borrowers.
Can I get a mortgage with a poor credit score?
You're considered a bad credit risk if you have a thin credit file, a history of defaulting on your debts or you've been adjudged bankrupt. Some lenders will accept you even if you have bad credit, but the terms of your mortgage will be much less favourable than those you'd get if you had a good score.
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