Deals

FACT:
There can appear to be some good deals out there even if you’ve got impaired credit. Research from statistics firm Moneyfacts shows that interest rates on sub-prime mortgages need not be dramatically higher than on traditional loans. You should also get the usual choice of fixed rates, discounts and self-certification terms.



What you need to watch out for are higher application fees. It can cost a lot more to get a loan and if you add the fees to your mortgage you can end up paying interest on them for many years. If you use a broker you can also end up paying high fees for its services. So do watch out before you sign up for any service. It really will pay to check you can’t clean up your credit file and apply for a mainstream mortgage rather than going straight to the impaired credit market.