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    • Maxwell007
    • By Maxwell007 14th Sep 17, 12:51 PM
    • 232Posts
    • 77Thanks
    Maxwell007
    Bad Credit & Can't get a decent Mortgage Rate, What our next move . .
    • #1
    • 14th Sep 17, 12:51 PM
    Bad Credit & Can't get a decent Mortgage Rate, What our next move . . 14th Sep 17 at 12:51 PM
    Bad Credit & Can't get a decent Mortgage Rate, What our next move . .


    Lowest quoted so far is 10%. . . . .


    Two Brokers now and still no joy . . . .


    Anyone else been in this kind of pickle . . . .
Page 1
    • aneary
    • By aneary 14th Sep 17, 12:53 PM
    • 487 Posts
    • 343 Thanks
    aneary
    • #2
    • 14th Sep 17, 12:53 PM
    • #2
    • 14th Sep 17, 12:53 PM
    Save for a bigger deposit. In the meantime the problems with your credit will be further in the past.
    • Maxwell007
    • By Maxwell007 14th Sep 17, 1:04 PM
    • 232 Posts
    • 77 Thanks
    Maxwell007
    • #3
    • 14th Sep 17, 1:04 PM
    • #3
    • 14th Sep 17, 1:04 PM
    Thanks Aneary but we have sort off put an offer in on a house we love . . ., wages are more then fine, deposit also fine but our pass money issues is messing thing up today, we both have a credit score off 400 out off 999, iv been told that's not kool hahah
    • AdrianC
    • By AdrianC 14th Sep 17, 1:07 PM
    • 15,075 Posts
    • 13,393 Thanks
    AdrianC
    • #4
    • 14th Sep 17, 1:07 PM
    • #4
    • 14th Sep 17, 1:07 PM
    You have two basic choices, then.

    1. Shrug and accept you can't afford this property, now, because of your credit history.
    2. Pay the high interest.

    Both should be followed by working as hard as you possibly can to improve your credit history, so that you can buy/remortgage with a better rate asap.
    • ACG
    • By ACG 14th Sep 17, 1:13 PM
    • 15,399 Posts
    • 7,786 Thanks
    ACG
    • #5
    • 14th Sep 17, 1:13 PM
    • #5
    • 14th Sep 17, 1:13 PM
    What bad credit do you have?
    At a rate of 10% there are only 2 lenders and both need a healthy deposit (circa 25-30%). With that sort of deposit, there is very little that can not be overcome in some form or another.

    If you can list what you have (ie default, bankrupt, CCJ - how much for and when registered). I would be happy to confirm whether that is a realistic rate or not. 90% of what I do is adverse so (without wanting to sound big headed), I know that market quite well.
    I am a Mortgage Adviser
    You 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.
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