Bad Credit Mortgages

RACHELSDAD

Can anyone recomend a company or has had a positive outcome from any specialist who can arrange a Poor Credit mortgage? Thanks!

minimike2

Not allowed to recommend companies, but just make sure you dont get stung by a big broker fee (someone on here paid £4k recently).

You may find someone willing to work fees free for you, but I know I wouldnt on an adverse case.....1% fee would be reasonable.

herbiesjp

Why specifically bad credit mortgages?

What kind of "bad credit " do you have?

Do you have up to date copies of your credit files?

Are you First Time Buyers - what kind of deposit do you have?

RACHELSDAD

My mortgages had been uptodate with no arrears for years, infact i had a few on Buy to let.My wife and i had a business that went wrong about 3 years ago so we had incurred a lot of debt.So much so that my wife had to go Bankrupt just for peace of mind due to the number of chasing phonecalls and letters!! i have escaped so far but did have debts against me!
So much for trying!

In answer to the questions could have something like 20% deposit next year but at present a big fat 0 !

Could there be such a thing as 100% Bad Credit Mortgage for someone who had many years of paying on time and pays the rent on time but wants the securirty of owning there own property?

minimike2

No is the short answer. 100% mortgages are long gone. You would be lucky to get 90% on an adverse case.

cooper2110

I'm afraid 100% mortgages, regardless of good or bad credit appear to be a thing of the past at present. Is the bankruptcy order against you both?

Toughluck

Bankrupcty within 6 years at 90% as mike said is a no no unfortunately.

I do know one lender that does an 80% mortgage @ 8.05% (fix 2 years) for discharged bankrupts of 3 years or more. This is going to be the highest LTV you'll get at the moment.

If the other BTL mortgage have had no arrears and you have had no CCJ's in the last 2 years there may be hope for you.

arkie

if youcan get 20% deposit by next year you would better off paying your debt and helping your wife. Think off all the companies you owe money to , These companies/lenders could go under themselves by people not paying their debts.

arkie

RACHELSDAD wrote: »

Could there be such a thing as 100% Bad Credit Mortgage for someone who had many years of paying on time and pays the rent on time but wants the securirty of owning there own property?

and could you please provide me with this weeks winning lottery numbers ...LOL