Specialist providers offer mortgages to those who would not otherwise be able to obtain mortgages through a high street bank.

By approaching a specialist provider you are more likely to obtain the financing you need, even with a very poor credit rating.

However, these companies almost invariably offer poorer interest rates compared with high street banks and many have particularly onerous terms such as extended tie-in periods.

If you are considering this route, an independent broker should prove invaluable as they can ensure that you secure the best possible deal for your position.

Debts fall into two main categories, secured and unsecured. Unsecured debts tend to be those with a higher interest rate but are not actually secured on your property.