Key Post: Mortgages for borrowers with poor credit rating

[Brendan Burgess]

According to Friday's Irish Independent, GE Money has launched a product for those who can't get loans elsewhere.

Rates: 4.95% to 6.95%

4.95% applies to people where the credit issue happened more than 12 months ago.

No other special terms or penalties

After 5 years, borrowers will be deemed "credit repaired" and offered a competitive rate.

Maximum debt repayments to income ratio: 40%

Average loan-to-value ratio to date: 50%.

Brendan

 

[ClubMan]

I thought that this product (i.e. interest loaded loan for those with poor credit ratings) had been available a while now? Or was somebody else offering something similar?

Update: just read today's Tribune and it looks like they were indeed already offering mortgages but only to non first time buyers and the news is that they have extended these to first time buyers now.