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21 February 2018
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UK sub prime mortgage market

Tuesday, September 18, 2007

The recent credit crunch in the sub-prime mortgage market in the United States has dominated the financial news over the past week or two, and it now seems that the effects of the crunch are taking their toll in the UK.

Many bad credit customers have resiged themselves to the fact that they may be unable to get a mortgage to buy a home, at least for some time. Bad credit customers, who have always found getting an affordable mortgage difficult, may now find that the chances of homeownership are even slimmer.

Following the high level of defaults on sub-prime mortgages in the United States, the problems in the sub-prime sector have made their way across the pond to the UK. A number of sub-prime lenders have now announced that they are taking their mortgage ranges off the market, in some cases for just a short space of time and in other cases on a longer term basis. New mortgage products that were due to be launched have been delayed, and a number of other lenders have hiked up interest rates on bad credit mortgages still further. This is causing problems for brokers such as Solution Mortgages Limited but has been limited due to their links with balance sheet lenders.


Solution Mortgages Limited use several lenders who lend off their own balance sheet. This means that although they still need to be wary of the economic backdrop and be more prudent with their criteria they are not as heavily reliant on the money markets - which are effectively shut at the moment. This can be seen with the situation with Northern Rock last week. They have a serious liquidity issue and needed to approach the Bank Of England for a loan facility. While there are no apparent issues with the quality of Northern Rock's loan book the fact they do not effectively have access to funds (prior to the Bank of England facility) has been alarming.

Business therefore has not been disrupted to heavily and Solution Mortgages Limited completion times and new mortgage/remortgage enquiries have been good. Apply online at http://www.solution-mortgages.co.uk/ or call 0845 123 1260.

Bad credit mortgages

Solution Mortgages Limited specialise in bad credit mortgages. If you are looking to buy a property but have CCJ's, defaults on loans or credit cards and been turned down by a high street lender - do not despair. We should still be able to help you buy the home of your dreams.

We use a range of specialist lenders who will consider applications for bad credit mortgages. You will need to have at least a 5% deposit and you will also need to consider stamp duty and solicitors costs.

Solution Mortgages will take care of the bad credit mortgage process for you enabling you to purchase the property you desire.

Poor credit mortgages

Solution Mortgages Limited specialise in poor credit mortgages. If you are looking to buy a property but have CCJ's, defaults on loans or credit cards and been turned down by a high street lender - do not despair. We should still be able to help you buy the home of your dreams.

We use a range of specialist lenders who will consider applications for poor credit mortgages. You will need to have at least a 5% deposit and you will also need to consider stamp duty and solicitors costs.

Solution Mortgages will take care of the poor credit mortgage process for you enabling you to purchase the property you desire.
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