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Sub prime mortgages are mortgages that could be offered to those with poor credit ratings who may otherwise have been turned down by standard mortgage lenders.
Currently, sub prime mortgages tend to be less common within the marketplace as they were previously. However, there are still a number of specialist lenders who could be willing to offer quotes for sub prime mortgages.
The key to finding a suitable sub prime mortgage for you could be to take the time to compare a number of different sub prime mortgage deals that may be available to you, to ascertain which could offer you the most.
Broadly speaking, sub prime mortgages could require higher deposits and may come with higher interest rates than average; therefore, it could be all the more crucial that you shop around for the best possible deal available.
The mortgage comparison tables above could help you find a competitive mortgage deal.
As you look through the mortgage market, you may wish to consider the type of sub prime mortgage that you are looking for. There are two main types of repayment options for mortgages:
A repayment mortgage requires you to pay a monthly repayment until it has all been paid back at the end of its term.
This type of mortgage would involve you paying monthly repayments that only include interest; at the same time, you would be expected to pay into a savings plan that would hopefully pay off your mortgage loan at maturity.
You may also be able to choose between the following types of interest rates:
This type of interest rate is set at a fixed amount for the predetermined period.
Tracker rates move up or down in accordance with the Bank of England base rate.