A number of the specialist sub prime lenders operate exclusively via intermediaries and the only way to get hold of their mortgage deals is through a professional adviser.

Non standard mortgage lenders

There are a small 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.

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 considerably less than it was before the financial crash in 2007, although there are still some deals available.

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.

Sub prime mortgage rates will never be the cheapest, the market, so be prepared to pay a higher rate of interest compared with standard mortgages.

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