Having a bad credit rating does not prevent you from securing a competitive mortgage.

Fortunately, these days, there is a growing number of what are known as sub prime mortgage lenders. These are specialist lenders sympathetic to non standard borrowers. Most of them belong to mainstream operations, but are set up under different brand names – For instance Birmingham Midshires is the specialist lending arm of Halifax.

The strength of bad credit mortgage lenders is that they will look at each and every individual case on its own merits and will then offer a mortgage priced accordingly. They believe that someone’s past financial problems shouldn’t be a barrier to their securing a mortgage today.

The range of products for this type of mortgage is growing and there are deals such as discounted, fixed and capped deals, for example, that compare favourably with many mainstream deals.

Many non standard mortgage lenders will take on borrowers with the view of getting them back on track with a cheaper mainstream product within three years, provided mortgage payments are kept up.

 

Although sub prime mortgage rates will never be the cheapest, the market has become more competitive as it has grown. Increased competition combined with a low Base Rate has seen a significant drop in sub-prime rates, so that the gap between prime and sub-prime has narrowed.

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