If you are a homeowner seeking a subprime lender due to a low credit score and want to know what options are available to you then you are in the right place.
As a company who is authorised to search the whole of market, Your Mortgage People have access to thousands of mortgage products enabling them to help people with all kinds of financial backgrounds.
A Subprime Mortgage is designed to accommodate people who do not meet the criteria required by high-street mortgage lenders. This isn’t just individuals who have defaulted on payments, it’s also those who lack any kind of borrowing at all. Both circumstances put them into the ‘higher risk’ category when it comes to applying for credit and therefore face an increased chance of being declined. Whilst the products of subprime lenders are aimed at helping people with more complex credit records get a mortgage, they do come at a higher interest rate.
Dealing with lenders is often disappointing if your credit history is seen as less than perfect and that’s why there’s nothing like having a qualified, expert broker on your side to get you on track with your mortgage.
1. Send us an enquiry to get your mortgage journey started
2. Your advisor will make contact, tell you all about our process and investigate which lenders are available to you
3. We help you gather together everything you need for your application, and submit it to the lender
4. The lender confirms their mortgage offer and your new mortgage begins on the new terms agreed
5. Funds are released by the lender at the amount agreed in the mortgage terms, with you repaying the amount with interest as part of the mortgage
To discuss Subprime Mortgages or other options available to you, speak to one of our friendly, experienced advisors today by completing the form below.
No not necessarily. If your circumstances change and the reason you do not meet the lenders criteria is no longer a factor, you may be able to apply for a more traditional mortgage with a lower interest rate in the future.