Borrowers seeking to get a bad credit unsecured personal loan or a mortgage may soon find a few banks that are willing to work with them. Although the majority of banks are now refusing to offer bad credit unsecured personal loans, a few subprime mortgages are now available. Although the costs for a bad credit unsecured personal loan are high, many are willing to take that risk to get the loan they need.
Tom Girling, Yorkshire’s product manager for mortgages said: “In the present climate with soaring petrol, utility and food costs, a number of borrowers are looking for the lowest possible monthly mortgage payments to help them survive financially. The new 4.99% two year fixed rate deal is the lowest rate currently available and, whilst the fee is inevitably high, this can be added to the loan which keeps the pay rate down. The mortgage also offers an overpayment option should borrowers find themselves able to increase their monthly payments and therefore repay the fee in a shorter time than the full remaining mortgage term.
“We understand that this mortgage will not suit all borrowers, but it is offered as an option for those who may be finding that their monthly income is stretched to the limit. For borrowers who can afford a little more each month, we have mortgage options with lower fees and no fee products.”
Related reading: Bad Credit Unsecured Personal Loan
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