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There are still a lot of people out there with sub-prime mortgages and they still need financial advice, even if they can't get hold of a mortgage during this downturn.

New figures from Unbiased.co.uk reveal that the number of people searching for whole of market advice on sub-prime mortgages have leaped, increasing from 3% in September to 7% in October. This is an all time high of enquiries since Unbiased.co.uk, a broker search engine, launched at the end of August 2008.

You might be a sub-prime borrower and may have resigned yourself to a long period of stagnation on your current mortgage. But it is foolish if you do not talk to a mortgage adviser – you may find that you are in a better position than you think and you may find that there is some hope out there for people who have been castigated by society for being supposedly 'risky borrowers'.

In fact many sub-prime borrowers are not really sub-prime cases at all – they may have just been put onto a sub-prime loan when times were good because it was either the best loan out there for them. All borrowers including sub-prime borrowers need a voice – and a good mortgage adviser can be that voice.

Karen Barrett, chief executive of Unbiased.co.uk , says: "The increase in those searching for advice from whole of market mortgage advisers on sub-prime mortgages points towards a squeezed market for those borrowers.  While an increasing number of mainstream mortgage deals are slowly appearing back onto the market, the sub-prime market remains slow, and these borrowers are therefore scoping out options through which they can access new deals. 

"Only through seeking whole of market mortgage advice can they be sure to get access to deals across the whole of the market, and ensure they arrange a deal which is affordable to them for both the short and long term."

SOURCE: Unbiased.co.uk, 30/11/09

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