Sub Prime Lenders

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. These days there are around a dozen non-standard sub prime lenders, who cater for individual cases. Some of them are standalone, others are owned by mainstream banks and building societies. Home loans are available in the sub-prime market, but borrowers will pay more for the loan. There are sub prime mortgage lenders who may charge points and origination fees in excess of 10% of the loan amount and then finance those fees at high interest rates.

Sub prime lenders 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. 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.

If you need to know if there's a lender for the luxury home you just sold? Or how about just checking to see if there's a sub prime lender willing to do a foreclosure bail-out on the house you just listed? Looking for some hard money commercial lenders to close that difficult deal? Now finding out is fast and simple. By far the greatest advantage of the internet is its ability to deliver information to the people who need it in the blink of an eye. Since investor demand is very strong, the sub prime lenders who control loan supply can offer lower yields to their customers. All of these sub prime lenders offer viable mortgage alternatives for those prospective borrowers who may not fit the standard mould.