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Increased Choice in UK Credit Impaired Subprime Mortgages

Housing-Market / Mortgages Jun 26, 2017 - 01:30 PM GMT

By: MoneyFacts

Housing-Market

While the subprime market all but died out after the financial crisis, the latest figures from moneyfacts.co.uk show that credit impaired mortgages are starting to make a comeback, with the number of credit impair deals having increased by 167 products in the past quarter.


Charlotte Nelson, Finance Expert at moneyfacts.co.uk, said:

“The economic downturn caused financial difficulties for many, and while their situation may have improved since then, this is still having a knock-on effect on their ability to borrow with a mainstream lender. As a result, many alternative providers have entered the fray, offering mortgages to those with poor credit histories.

“This increase in the number of deals is great news for those who have previously struggled to obtain a mortgage. These deals offer a lifeline to those who have experienced a minor blip in the road, allowing them to get back to normality once again.

“The boost in products can largely be explained by the increased positivity in the mortgage market and the general rise in house prices. However, the market has learned from the past, which means stricter rules are now firmly in place, with many of the lenders offering these deals looking more in-depth into a borrower’s history.

“As is to be expected, the cost of these deals can be significantly higher than standard deals in the market, reflecting the extra risk that is involved. For example, the average two-year fixed adverse credit rate stands at 4.39% today, which is a whopping 2.12% higher than the standard average two-year fixed mortgage rate.

“Anyone who is unsure about their credit history can easily check their score online, with many companies offering free reports. If there are any errors, contacting the relevant companies is a must, to correct the report and try to improve the credit score. Any mortgage seeker considering a credit impaired deal should seek advice from a financial adviser to see if it is financially viable to get such a deal, and whether it is the best choice for them.”

www.moneyfacts.co.uk - The Money Search Engine

Moneyfacts.co.uk is the UK's leading independent provider of personal finance information. For the last 20 years, Moneyfacts' information has been the key driver behind many personal finance decisions, from the Treasury to the high street.


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