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It appears that borrowers with bad debts may be fairing better in the mortgage market than many first-time buyers. People without a deposit are being squeezed out of the house-buying market. Yet those who have missed up to three mortgage repayments in a year will be able to carry on with their mortgage and be better off than a first-time buyer. This appears to fly in the face of popular wisdom which has suggested that the sub-prime crisis in the US and the credit crunch will hit those with poor credit records the hardest.

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