Traditional lenders generally classify potential borrowers into two main categories called prime and subprime. Prime borrowers are those who are most likely to keep on top of their loan repayments, while subprime borrowers are more likely to default.
If you don’t tick all of the boxes for traditional lenders, you’re certainly not alone. It’s no secret that traditional lenders make it harder to jump through all the hoops. In the changing marketplace of today, many mainstream lenders are making it increasingly difficult to obtain suitable mortgage finance that’s cost-effective.
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Seek Mortgages is here to help those struggling to meet the strict criteria demanded by traditional lenders. Our prime mortgage loan products are perfect for borrowers with circumstances which have put them outside the credit policies of traditional lenders, or who are looking for an authentic non-bank alternative.
Our prime loan products are a flexible finance solution with remarkable product features which could really help to make a difference. We can help to get the right mortgage finance suited for you.
If you have got a clear credit history or some minor issues which have since been paid, or if your credit history doesn’t quite tick off all the usual boxes required by traditional lenders, you will be able to apply for a Prime Loan with Seek Mortgages.
Contact our specialist lending managers today to find out if our flexible prime loan product would suit you.
Not A Prime
Prime borrowers commonly have fewer bank accounts and credit cards, credit inquiries, collection accounts, and definitely no recent delinquencies.
You can always work towards becoming a prime borrower to improve your credit history by minimising open accounts, only use some available credit, and always paying your bills and accounts on time.
But that will obviously take some time to achieve, and there are no guarantees. Thankfully, you can still apply for many different loans at Seek Mortgages whether you’re a prime borrower or not. Contact us to find out more today.
What Are the Benefits of Being a Prime Borrower?
Because they are generally less of a risk for banks, prime borrowers won’t usually have much trouble getting credit approved. Because they’re a more attractive customer, they are usually offered much lower interest rates on terms than subprime borrowers.
Having a good credit history means prime borrowers are generally approved for higher credit limits, higher loan amounts, and lower deposit amounts. And over the lifetime of a loan, this will ultimately translate into quite a significant saving.
While prime borrowers will often be more likely to have approved loan applications, it isn’t a guarantee because all risk factors will also be considered. Prime borrowers who don’t meet or exceed the lender’s requirements could still be denied.
Mainstream lenders also often advertise their best rates, but they may not be available to prime borrowers because those rates could be reserved for the higher super prime borrower subcategory.
At Seek Mortgages, we look at each application on it’s own merits. Talk to us today to find out more.
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