Bad Credit Mortgages

ash5246

I need to find a mortgage but I am currently on a debt management plan. I was wondering if anyone knew how much deposit I'll need and what kind of rates I'm looking at paying. I've spoken to Barclays and they won't even entertain me and I've been told by G Money that I'll need 20% deposit.

You might ask, why don't I pay my debts off before I look to buy a property if I can afford to pay a mortgage. I'm currently paying rent and could use that money to buy a house, I just feel it's pointless paying someone else's mortgage if I could pay my own.

Could anyone give me any advice please?

koexelek

I think that GE offer is as good as you will get.

While funds are short, lenders are reluctant to take a risk on anyone on a debt management program.

I tried for one of my clients recently, but had no success.

Good luck though

Wutang_2

ash5246 wrote: »

You might ask, why don't I pay my debts off before I look to buy a property if I can afford to pay a mortgage. I'm currently paying rent and could use that money to buy a house, I just feel it's pointless paying someone else's mortgage if I could pay my own.

Could anyone give me any advice please?

I'm sorry but you feel that it is pointless renting - and avoiding more debt? Why?

Paying rent is giving you the chance to pay off your outstanding debt and not adding even more risk of negative equity (have you not heard about house prices??).

If you have 20% - pay off some of your debt!!!!!

you are another repo waiting to happen

ash5246

Wutang wrote: »

I'm sorry but you feel that it is pointless renting - and avoiding more debt? Why?

Paying rent is giving you the chance to pay off your outstanding debt and not adding even more risk of negative equity (have you not heard about house prices??).

If you have 20% - pay off some of your debt!!!!!

you are another repo waiting to happen

I don't have the 20%, that's why I'm asking, and yes I have heard about house prices, just I saw a cheap house that needed a lot of work doing to it, which I can do at hardly any cost at all...can't see how I'd lose money on it. I don't think they'll ever fall below what they're asking for this one.

Just wanted a bit of advice to see if there was anything available with less than 20% deposit.

Thanx anyway :cool:

boggie40

we had to find a 25% deposit (£40k) for a house valued at £160k.
if you look hard enough there are plenty of lenders who will lend to people like you, but you will need to put something in of your own.

we went to MBS Lending, through a broker.

TotallyBroke

I got a quote from Ge Money. I wanted a £140,000 mortgage with a £60,000 deposit. We have bad credit files. They said they would give us the mortgage. I'd asked for figures on a tracker mortgage. The % they gave me was 10% give or take a 0.1%. They told me on their speel that over the time I would be paying the mortgage we would pay back £330,000+ for £140,000.

We are staying put and clearing all debts and then going to be mfw's. Then we'll think about buying another place.