Sub-Prime Mortgage query

loopy.magic

Hello

I'm new to this particular forum, I mainly lurk around the Debt-Free Wannabe forum. I'm currently on a DMP and looking forward to the day that I'm debt free and able to get a mortgage again.

Can someone tell me what the average interest rate is for a sub-prime mortgage. Also what is the minimum deposit percentage that would be required for such a mortgage?

Thanks.

kingstreet

Rates and loan to value conditions tend to be based on the applicant and their credit problems. I suggest you contact a whole market or independent broker who will assess your situation and advise you what's possible.

Conrad

Having been on a DMP, it is reasonable to assume at least 20% deposit will be needed. Rates vary from about 4.5 - 9% depending on your past history.

handytips

Nice one Conrad.
Tell me which Sub Prime mortgage lender will lend to anyone on a Dmp ?
Loopy
There are currently no products available to you on the market at the moment, due to the DMP however the market changes regularly and this may not be the case in the to distant future.

loopy.magic

OK, I'm a little confused now. It might help if I clarify a few things.

Later this year I will be getting defaults from my creditors, 6 years after that (late 2017) I hope to have ended my DMP and be debt free plus building up a deposit. Once this happens it's my understanding that I will only have access to sub-prime mortgages.

loopy.magic

Bump - Anyone with some guidance figures?

beecher2

There's no point in giving guidance figures as it will be so long until you're in a position to buy. If you need a 20% deposit, it is likely to be another decade before you're going to buy and interest rates could be anywhere by then. Just do your best to become debt free as soon as possible, and then build your deposit.