During the last 5-6 years sub prime mortgages or mortgages for people with poor credit ratings became a separate segment with its own specialist lenders and brokers. The availability of cheap whole sale funds and the competition between the banks for these clients led to substantial narrowing of the rare gap between prime and sub-prime. This is all a thing of the past now. As a result of the global credit crunch caused by the sub-prime crises in the USA this market virtually disappeared. This left people with impaired credit score in deep trouble especially when it comes to remortgaging.
They are not wanted by the banks and often even by their existing lender regardless of their current financial circumstances. The interest rates such people have to put up with are often in double figures.
It is generally advisable for such clients to consult a specialist broker to find the cheapest solution for them.