Mortgages for people with bad credit - even with a 30% deposit???

cw1234

Hi all,

I wonder if anyone can help me with a matter thats really bugging me!

I admit...i havent got a good credit rating for various reasons which is slowly building itself back up now, but i am now ready to take the step on the dreaded property ladder!:j

Unfortantely, i have tried previously to gain a mortgage without luck, but im now possibly in the position to put down a 30% deposit.

I find quite frustrating that with so much deposit, that anybody would refuse a martgage as they would already hold equity in the worst case of reposession.

Can anybody kindly offer some guidance as to where to seek a mortgage when i have bad credit, but with a sizeable deposit?

Many Thanks ALL!

_Andy_

As you have (from the sounds of it) adverse credit, you'd be best of speaking to a decent broker. Different lenders have different criteria - impossible to know what's best for you based on what you've stated so far.

Conrad

Beacon home loans are probably about the most competetive adverse lender with rates from about 5.5%.

They will want to know where the deposit is from and if it's a gift you will need to have the giver write and sign a letter to state it's non repayable.

You ask why lenders are cautious despite your deposit. Well, just have dig around here and you will see people claiming they've been missold mortgages they cannot afford even though they too had big deposits. Repossession is a serious matter lenders and for that matter the Courts do not undertake lightly.

If you get behind with payments you could well be one of the many we see here seeking compensation for unsuitable advice!
As ever lenders cannot win - the media constantly shouts lenders are irresponsible!

Deposit size is irrelevant in terms of suitability and the appropiatness of a mortgage.

cw1234

Thanks very much for the advice.

I will have a dig around and see what i can find. It is frustrating though knowing you have enough money for a mortgage with the deposit but with bad credit, you are refused.