Sub-prime mortgages, widely blamed for causing the
2007-08 financial crisis, are making a surprise comeback in the UK, with
several new lenders launching home loans for people with poor credit histories.
Lenders are targeting people who have faced serious financial problems
including repossession and bankruptcy – as well as those with more minor blots
on their records – for the mortgages, which come with interest rates as high as
8%. Bluestone Mortgages, a lender part-owned by Australia’s biggest investment
bank, has just launched in the UK, following hard on the heels of another
Australian-owned business, Pepper Homeloans, which similarly caters for those
who have experienced a “credit event” such as missing payments on a previous
mortgage. Read more on the Guardian website.
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