With the aforementioned crunch and restrictions, many buyers, especially first time buyers in Ireland are opting to get a mortgage (easily) at subprime rates and bite the bullet for a up to 5 years. Once they have improved their credit score after this time they simply approach a broker to switch to a “prime” rate mortgage with sometimes a much better rate that can save literally thousands of Euros a year.

Right now, there is not really a best subprime rate in Ireland but  in teh coming weeks and months, we will be developing charts and advice on which lender is best should you wish to approach this situation.

Best of look, and remember…research.

For example, if you are self employed, have poor credit or failed to pay back a loan, the monsters at the Irish Credit Bureau (ICB) keep tabs and mortgage lenders wont touch you.

Opting for a sub prime mortgage will generally mean that you pay about 3-4 times the value of your home over the course of your mortgage and can mean drastic increases in yoru repayments. So it is important to compare sub prime mortgage providers in Ireland before opting in.

Many buyers opt to get a sub prime mortgage even after comparing everything on the market. It is possible to move your mortgage to a “normal” rate lender after some time.