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PLEASE HELP!!! Trying to find mortgages when I have bad credit
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helsbels81
Posts: 9 Forumite
Hi I wonder if anyone can help me. I'm trying to find a mortgage for myself and my boyfriend and we both have a bad cerdit rating.
I have £6000 of defaults which I am paying back though a DMP, I lost my job a few years ago and when back to college and couldn't afford my loan and credit card repayments.
My boyfriend has a satified CCJ from January this year for £1200 - we went travelling fro six months and left enough money in our account but GE Capital decided to cancel the direct debit and send our letters and court papers to our old address even though we told them my parents address before we left! How clever!
We're not sure who to go to as we don't think the high street lenders would touch us with a barge pole! We don't want to keep getting turned down as we have been told that it will leave footprints on our credit reports.
Can someone suggest a company or has someone been in the same sistuation?
Sorry this post is so loooooonnnggg!
I have £6000 of defaults which I am paying back though a DMP, I lost my job a few years ago and when back to college and couldn't afford my loan and credit card repayments.
My boyfriend has a satified CCJ from January this year for £1200 - we went travelling fro six months and left enough money in our account but GE Capital decided to cancel the direct debit and send our letters and court papers to our old address even though we told them my parents address before we left! How clever!
We're not sure who to go to as we don't think the high street lenders would touch us with a barge pole! We don't want to keep getting turned down as we have been told that it will leave footprints on our credit reports.
Can someone suggest a company or has someone been in the same sistuation?
Sorry this post is so loooooonnnggg!
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Comments
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Hi helsbels
First thing you need to do is get an up to date copy of your credit file from Equifax or Experian
You then need to discuss the contents of that report with a fee free whole of market adviser
The bad news is that you will probably not get hih street rates.
The good news is that you will probably get a mortgage, if you decide that you definitely want to go down that route
What deposit do you have? As with adverse credit history you will need some form of deposit
What house prices are you looking at?
What are your two incomes?
Do you have any other debts in the background?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi Thanks for replying so quickly.
We've already got my boyfriends credit reports back - mine are taking longer due to me not living at my current address that long. His isn't that bad apart from the CCJ and a few mortgage payments he missed (he sold his flat last year)
My salary is £17500 and his is £40000 but he is self employed.
We was looking to get a 100% mortgage but we are saving a deposit and can save more if we know we have something to aim towards. We are looking around £180,000 to buy for.0 -
How long has your bf been self employed?
How many years accounts does he have?
Missed mortgage payments are not good, and lenders do not like to see payments missed.
On the basis of your joint incomes the £180k is not that difficult to get - assuming your bf income can be verifed by accounts
However, due to the defaults you have, and his CCJ and missed payments it will make a 100% mortgage very difficult to getI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
He's been self employed for over 10 years and has over 5 years accounts.
We thought we probarly wouldn't be able to get a 100% mortgage but don't know who to approach about getting any sort of mortgage agreed.0 -
YOur best bet is to talk to a fee free whole of market adviser
Give them all your current up to date information, and let them reserach the market to see what they can offerI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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