There are more than a dozen 'non-standard or sub prime' mortgage lenders, who cater for individual cases. Some of them are specialist lenders who only deal with this type of loan; others are distribution arms of High Street banks or building societies.
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All of our Sub Prime lenders offer targeted mortgage packages for prospective borrowers who may not fit the standard lending criteria.
Non-standard or sub prime can cover a range of different people. If you have an impaired credit record, if your requirements are out of the ordinary or if you are self-employed you may fall into this category.
If you have never had a bank account or if you have lived at lots of different addresses some lenders will not want you as a customer.
As non-standard borrowers are considered a higher risk than standard, the rates charged will be somewhat higher than mainstream rates.
Though the good news is, the gap between the rates available is getting smaller. But once you have been with a subprime lender for a while, and have kept you payments up to date, you will have established a new history and can return to the mainstream market with a new deal at a lower rate.
An estimated one in four Britons would be turned down by a mainstream mortgage lender. This is because not everyone fits the standard lending criteria.
MortgageMap can introduce you to lenders who will be willing to help you. Our brokers and lenders are expert in the Sub Prime mortgage and remortgage market.
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