Specialist mortgages can help borrowers with a poor credit history to get their finances back on track, an expert has claimed.
Research from the Council of Mortgage Lenders has found that adverse credit mortgages accounted for five per cent of the total property lending market in 2005.
Additionally, the figures revealed that two-thirds of adverse credit mortgages are for borrowers who find a remortgage, while remortgagers also borrow more than their counterparts.
On average, those looking for adverse credit mortgages are older, more likely to have mortgage arrears and be self-employed, the Council of Mortgage Lenders asserted.
Bob Panell, head of research at the body, comments: "We believe that the adverse credit mortgage market, although higher risk, plays a valuable part in helping many individuals who encounter short-term financial difficulties to rehabilitate their finances and migrate back to prime products."
Last month, Norwich and Peterborough Building Society launched a new range of credit impaired mortgages.
The society noted that a new affordability index meant that it was better able to judge whether borrowers would be able to make the new mortgage payments.
Adverse credit mortgages helpful, expert claims
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Adverse credit mortgages helpful, expert claims
Thu, 16 Nov 2006
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