Mortgage with bad credit - even with a BIG deposit??

herbiesjp

cw1234 wrote: »

Hey Happy Broker,

To confirm in more detail, my credit history is slowly building itself back up now but to be honest (well extremely slowly to be honest!)

When i was younger i got a £10k loan and £5k credit card, and i £1500 store card.

The credit card went over limit and i am on a repayment plan now. The loan is ALWAYS paid on time and is about to come to an end at the end of the year & the store card will be paid monthly on a payment plan.

3 defaults in total, but being paid on a payment plan.

No CCJ's or bankrupt etc.

Thanks again for your input and i look forward to more!

With that history and that deposit, you should be able to find a deal.

Equifax and /or Experian are your best sources for your credit file.

Check all the information is correct - very important

Get these printed off, and let a broker have a good look at the information that is on there. They will then discuss verbally with lenders - this is imprtant, as discussing a case like this will allow the broker to get a feel for which way the lender will go on your application.

Although these are useful, you have to make sure you pass the lenders own internal scoring system

Going direct to lenders, can lead to credit searches being done which could harm your mortgage potential

You need a broker to put your application in the best possible light in order to get the best deal for you.

poppy_f1

why dont you clear your debt with the cash for deposit then save for a few months to make it back up
would help as your outgoings would be less so would help the affordability factor

luckyfool

poppy_f1 wrote: »

why dont you clear your debt with the cash for deposit then save for a few months to make it back up
would help as your outgoings would be less so would help the affordability factor

Depends where the money has come from. If a parent has gifted them money to help with a deposit for a house they might be less than impressed if they just use it to pay off credit.

poppy_f1

luckyfool wrote: »

Depends where the money has come from. If a parent has gifted them money to help with a deposit for a house they might be less than impressed if they just use it to pay off credit.

thats true, thats the boat im in
my mums giving me the majority of my deposit but wont let me use some of it to pay off my cards