Mortgages are available to those with impaired credit, though they may come at a higher cost in terms of a higher interest rate, writes David Lawrenson.

So, what's available, who are the main providers, how much more you will have to pay and how long will it be before you are considered a first class risk again?

Right now we are hearing quite a bit from across the pond about sub prime lending and the perilous state of the US housing market.

Indeed, part of the reason for recent volatility in the world stock markets is due to some of this possibly risky (some would say reckless) mortgage lending in America.

It seems that some lenders have pushed the boat out a bit too far and have lent to people who are struggling financially. (The lenders hope was that rising property prices would in a few years make the loans look a bit less shaky.)