Canadian Bad Credit Card Mortgages

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As consumer debt in the UK continues to spiral, so too does the number of people in the country who are suffering from the effects of bad credit. If you're someone who has a rating, CCJs, arrears, defaults, bankruptcy or no proof of income, then it can be very difficult to obtain financial products or services.

The result of this is that consumer credit agencies are always advising consumers to be sensible when it comes to borrowing. Last month, the Consumer Credit Counselling Service advised British consumers to be wary of taking on large mortgages, as the financial climate is prone to fast and sometimes unforeseeable changes. The Consumer Credit Counselling Service advice came after research undertaken by Yorkshire Bank showed that two thirds of consumers would consider taking out a mortgage up to five times the value of their salary in order to get a foothold on the property ladder.

According to Joel Lewis, a spokesperson for the Consumer Credit Counselling Service: "We would always advise people to be cautious when they take on a large amount of borrowing and to make sure that their finances are secured before they do so."

However, as property prices across the country escalate, it's becoming harder and harder for first-time buyers to buy property - thus rendering large mortgages a necessity for some. In fact, research carried out this month by the Council of Mortgage Lenders claimed that new property buyers had to pay a multiple of 3.31 per cent of their income in December 2006 - apparently, the highest percentage on record. Further findings expressed that, during December 2006, the proportion of income spent servicing a mortgage   [This article related to Canadian Bad Credit Card Mortgages continues below...]

Andrew Regan is an online, freelance journalist.