Irish Mortgage Center

With the slight downturn in hiking interest rates in Ireland, many buyers, especially first time buyers are turning to sub prime lenders. A Sub prime lender is a mortgage provider that will provide a mortgage with fewer restrictions but for a higher rate…

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.

This entry was posted on Wednesday, January 23rd, 2008 at 9:56 am and is filed under Subprime. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.