Is your mortgage with a Sub Prime Lender

It is a fact that Sub Prime Lenders account for over half the reposessions in the UK, Quite alarming really when you consider that out of all mortgage lending Sub Prime Lenders only account for 6% of the mortgage market.

Now the credit crunch has bitten most of these lenders have shut up shop because they cannot find funding to carry on. Or most are american backed firms that have substantial losses in the united states.

I have been a mortgage broker for over 10 years and have watched this industry boom in the last 6 years. Over the last 6 Years more and more lenders set up in the UK and the net affect of this was that the sub prime rates and critera was driven down by more lenders competing for business.

For example last Year it was possible to remortgage to 85% of your property value even if you had missed six payments in the previous twelve months with another lender. Now because of the credit crunch if you have missed more than 2 payments in the last twelve months you will struggle to get mortgage even if you have plenty of equity in your property.

Rates with sub prime lenders have been low over the last few years and many sub prime borrowers are now getting a payment shock when coming off their fixed rates, because rates have risen with these sub prime lenders recently.

It is also a well know fact that some homeowners were sold sub prime mortgages instead of an high street deal, due to the commision they would recieve from the lender I say a few because it is a minority of brokers. Therefore we are offering you a completly free remortgage service to see if we can get you a much better mortgage deal than your current one.

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