What is a sub prime mortgage?
A sub prime mortgage is a generic term given to mortgages that are
granted to people who have a “non-standard” credit history, or who would otherwise
fall outside the underwriting criteria of prime lenders.
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Who is suitable?
If you have been refused a mortgage by a prime lender and you think
that you can afford to repay a loan or otherwise think that your case is a good one,
then talk to us. Even if you have past arrears and/or defaults, it is still possible
that we can help you.
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Does it cost more?
Sub prime mortgages are generally more expensive than standard mortgages,
as lenders seek a higher return to compensate them for a higher perceived risk.
How much more depends on your exact circumstances. Many people use sub prime mortgages
to re-establish a good credit history, and once this happens they can then be reconsidered
by prime lenders.
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For more information on all options available to you, contact one of our mortgage advisors today on 1890 462 462