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Refused credit? Refused Mortgage?
If you have a damaged credit record, you might find that your mortgage application is rejected by a mainstream lender. These days, that is nothing to worry about. Every bank and building society has a division specialising in this sub-prime sector (also known as non-conforming or credit-averse). You may have to pay slightly higher interest rates, but a full range of fixed, capped, discounts, trackers and flexible mortgages should be available to you. Our handy mortgage calculator will tell you how much a mortgage will cost you on a monthly basis, so you can make comparisons.Free Mortgage Quote An estimated one in four Britons would be turned down by a mainstream mortgage lender. This is because not everyone fits the standard criteria lenders apply. But don't worry if you are one such customer - help is at hand.
Getting the best deal
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These days there are around a dozen 'non-standard sub prime' mortgage lenders, who cater for individual cases. Some of them are standalone, others are owned by mainstream banks and building societies. All of them offer viable mortgage alternatives for those prospective borrowers who may not fit the standard mould. 'Non-standard sub prime' can cover a range of different borrower types. If you have a less-than-perfect 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 sub prime' mortgage borrowers are considered a higher risk than standard, the rates charged on non-standard sub prime mortgages will be somewhat higher than mainstream rates.
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But once you have been with a non-standard sub prime lender for three years, as long as you keep up your mortgage payments you will have established a new history and can return to the mainstream market with a new deal at a lower rate. Non-standard sub prime borrowers may also be referred to as 'sub-prime', 'complex prime' and 'credit impaired'. Check out our comprehensive guide to getting the best deal for impaired credit mortgages.
Even if you have had financial problems in the past. (Bankruptcy, CCJ’s and Arrears) don’t worry. We could help with all your mortgage needs call us today 0845 42 83 455 the overall cost comparison is 7.2%. The actual rate available will depend upon your circumstances. Ask for a personalised illustration
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Telephone:01424 851183 uk only
Office hours 9:00am - 6:00pm Mon - Fri
Sat - Sun closed
Bank Holidays closed
Mortgages Made Simple is an appointed representative of Genesis Home Loans plc, which is authorised and regulated by the Financial Services Authority for the conduct of non-investment insurance and mortgage business. Second charges, commerial loans and buy-to-let mortgages (where the resident is not related to the borrower) are not subject to Financial Services Authority regulations.