A sub-prime mortgage is any mortgage in which the borrower has difficulties in obtaining finance because of poor credit, hard to document income or assets, or any unique situation that would prevent them from obtaining funding through "conforming" lenders. Sub-prime loans tend to have a higher interest rate than the prime rate offered on traditional loans.
The specific amount of interest charged on a sub-prime loan is not set in stone. Different lenders may not value a borrower's risk in the same manner as others and many have different lending criteria for different circumstances. This means that the experienced staff at Mortgage Innovations (Yorkshire) Ltd could well be able to save you some additional money by using their lender knowledge and by shopping around.
