If you are unable to take a 'prime' mortgage with a 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, 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 LoansNow 4 Mortgages we use our knowledge to find you the right mortgage whether you have CCJs, mortgage arrears, and IVA or even been declared bankrupt.
We have access to a vast range of non-conforming lenders who can offer a number of deals with various incentives, such as free valuations and cash back to make the borrowing process painless.
Quickly calculate how much you can borrow
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Loans Now 4 Mortgages 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, commercial loans and buy-to-let mortgages (where the resident is not related to the borrower) are not subject to Financial Services Authority regulations. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Genesis Home Loans Plc can be found on the FSA register (www.fsa.gov.uk/register) under reference 305920.
The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
'The overall cost for comparison is 7.8% APR' The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
There may be a fee for arranging a mortgage and the precise amount will depend upon your circumstances. Our standard fee is £495 however if your application is more complex we may have to charge a higher amount.
Loans Now 4 Mortgages is a company registered in England and Wales. The Registered address is: LoansNow 4 Mortgages, GHL House, 1st Floor, 12-14 Albion Place, Maidstone, Kent, ME14 5DZ.
Data Protection Registration Number: Z935359X
Genesis Home Loans Plc can be found on the FSA register (www.fsa.gov.uk/register) under reference 305920.
The information on this website is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
'The overall cost for comparison is 7.8% APR' The actual rate available will depend upon your circumstances. Ask for a personalised illustration.
There may be a fee for arranging a mortgage and the precise amount will depend upon your circumstances. Our standard fee is £495 however if your application is more complex we may have to charge a higher amount.
Loans Now 4 Mortgages is a company registered in England and Wales. The Registered address is: LoansNow 4 Mortgages, GHL House, 1st Floor, 12-14 Albion Place, Maidstone, Kent, ME14 5DZ.
Data Protection Registration Number: Z935359X
01622 686419