Sub Prime Lenders – Get A Mortgage With Bad Credit
Even if you have a bad credit rating, you may be pleasantly surprised to know that there is a whole sector catering specifically for you. There are brokers who specialise in clients with adverse credit, and can help you find a mortgage deal.
You will probably find that you will have to pay more interest than you would on other mortgages if you have a poor credit history you represent more of a risk to the lender. Ironically, this is the reason why the bad credit sector is flourishing there are a lot of people who wouldnt fit the stringent criteria applied to most traditional mortgages, and theres good money to be made in commissions and on higher interest rates.
Tread Carefully
Unfortunately, there are many disreputable lenders out there trying to capitalise on the unwary borrower. Some will charge you just to make an application and you are likely to find the deals on offer less than wonderful.
Recently, some of the mainstream banks and building societies have taken a closer look at the bad credit market, and realised they could be missing out on custom. There are subsequently...
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