Adverse Credit Mortgages
If you are unable to take a 'prime' mortgage witha mainstream lender due to credit problems, then do not panic as there is help to be found. Many people are in your situation because they do not fit normal lending criteria. However, there is a solution: you can take adverse credit mortgage (sometimes known as a non-conforming mortgage, bad credit or subprime mortgage) until you are back ontrack.
What is categorised as subprime or non-conforming?
'Non-standard subprime' borrowers fit a wide range of categories: you may have a bad credit history, mortgage arrears, CCJ's, Defaults**, Bankruptcy**, do not have a bank account, have moved around a lot etc. Because you do not fit the normal criteria you will be considered a higher risk, which means in turn that the interest rates charged for subprime mortgages will be generally higher than normal rates.
Will I always need a subprime mortgage?
This means that you will be able to return to the mainstream mortgage market by organising a bad credit remortgage, in which case you will be back on track with a new mortgage at a lower interest rate.
Where can I get subprime advice?
At HSC Finance, we can offer expert advice for non-conforming borrowers. Which can be a big help when trying to take the first step towards reorganising your finances.
To get your quote, you just need to enter some basic information into our online mortgage enquiry form.
** The overall cost for comparison 9.1% APR. The actual rate available will depend on your circumstances. Ask for a personalised illustration (rate correct as of 15/01/2008).