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Chances of getting a sub prime mortagage?
marc.faulkner
Posts: 639 Forumite
What's availability like in the current climate?
My credit file is rather a mess from my own stupidity in the past, however I'm in a stable job now and have provable work/earnings history for the past 3 years. I also have lived at this address for 2 years and can obtain decent landlord reference etc.
I now earn £21k and would be looking to borrow about £35k against a property value of £41k.
Repayments, even at a high rate (I've calculated up to 15%) would show substantial savings against the rent I currently pay and are easily affordable.
How likely do you reckon this is? I don't want to waste a brokers time speaking to them if there's no hope...
Cheers!
My credit file is rather a mess from my own stupidity in the past, however I'm in a stable job now and have provable work/earnings history for the past 3 years. I also have lived at this address for 2 years and can obtain decent landlord reference etc.
I now earn £21k and would be looking to borrow about £35k against a property value of £41k.
Repayments, even at a high rate (I've calculated up to 15%) would show substantial savings against the rent I currently pay and are easily affordable.
How likely do you reckon this is? I don't want to waste a brokers time speaking to them if there's no hope...
Cheers!
0
Comments
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Hi Marc
When you say bad credit, can you elaborate on that? I.e. is it defaults, CCJs, missed payments?
Also detail on how recent it was and what amounts, e.g. CCJ for £250 in 2007 etc.
Thanks0 -
Where can I buy a house for 41k?!Kavanne
Nuns! Nuns! Reverse!
'I do my job, do you do yours?'0 -
It's a bit bleak I'm afraid...a number of defaults and quite a few missed payments all from over a year ago - no CCJ's though. At a guess, total value of defaults was about £1200 and all were more than 15 months ago...
I know I'm not going to get a decent rate with a history like this, but will settle for anything!!0 -
Chances of someone lending to you in current market? = zero I reckon.You don't get medals for sitting in the trenches.0
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