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Non Conforming Loans - Bad Credit History?
If you have experienced financial problems in the past, this is the loan to help you re-build your bad credit rating and obtain a mortgage. Non-conforming lenders are very flexible - even if you have been bankrupt or just have a bad credit history, this type of product, sometimes known as a bad credit loan, will make it easier for you to secure your wanted mortgage.
Advantages
- You will get a fresh start and the chance to re-build your credit rating.
- Non judgemental lending rules with flexibility.
Disadvantages
- You`ll pay higher interest rates and fees.
- You will require a larger deposit than normal.