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You may have been given a sub-prime mortgage in the past but do you know whether you are still a sub-prime mortgage borrower? It may be that you now have the ability to get hold of a regular, cheaper prime mortgage.

During the last decade many people took out sub-prime mortgages. They were plentiful and no one could see the downside to the loans. But in the wake of the credit crunch many people suffered with the mortgage debt and it was sub-prime mortgages that were rightly or wrongly blamed for the failure of banks round the world. As a result, they have now become almost extinct.

But most of the people who were sold sub-prime mortgages were able to safely navigate the recession and are now comfortably paying their mortgage each month. If you are one of these people then you may find that you are no longer a sub-prime borrower.

After years of a high rate of interest you have significantly improved your credit score – you have proved that you can handle any loan offered to you. As a result your credit score may have improved enough so as to take you out of sub-prime and into prime. That means you could get hold of a new loan at a cheaper rate.

If you want to know if you are clear of sub-prime, talk to a mortgage broker. They can assess your credit score and look to see whether you could now get hold of a prime loan. It might mean a cheaper rate of repayment each month and it might mean a new age of financial stability in your life.

To Keep up with news and comments on the current adverse credit market please visit the Adverse Mortgage Blog.