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You may have been able to get a subprime mortgage if you:
- Have missed or been late with payments on debts
- Have a CCJ
- Have been bankrupt
- Have employment problems or difficulty proving your income
Subprime mortgages cost more than standard mortgages, because of the increased risk to lenders, but they have provided a way for people who have struggled with debt in the past to improve their credit rating and get onto the housing ladder.
However, lenders are now requiring higher deposits and are less lenient with credit histories, so it is much more difficult to get a suprime mortgage deal.
Get a review of your mortgage options, even if subprime mortgages are now more difficult to come by - click on the link and fill in our enquiry form:
- An advisor will call you back
- You'll get impartial advice
- You can get quotes from across the market