Mortgages for adverse credit

catherinemick

Hi

Can anyone help, are there any lenders out there today who are prepared to lend to customers with an adverse credit report.

We need an mortgage ASAP and don't want to waste any time and maybe even make credit report worse by going to lenders who defo will not help.

All help/suggestions gratefully received

dukey

I have just bought a house with my partner. I have a default for £47 and a few small debts on cards etc other than that its clean. The Mrs has an excellent record. We got a good rate with NPIB.

_Andy_

catherinemick wrote: »

Hi

Can anyone help, are there any lenders out there today who are prepared to lend to customers with an adverse credit report.

We need an mortgage ASAP and don't want to waste any time and maybe even make credit report worse by going to lenders who defo will not help.

All help/suggestions gratefully received

What is your situation- purchase or remortgage?
What 'bad credit' do you have?

Mrs_Bumble

catherinemick wrote: »

Hi

Can anyone help, are there any lenders out there today who are prepared to lend to customers with an adverse credit report.

We need an mortgage ASAP and don't want to waste any time and maybe even make credit report worse by going to lenders who defo will not help.

All help/suggestions gratefully received

I thought that your offer had been withdrawn because of the property under value?

What adverse credit do you have?

catherinemick

The mortgage was turned down because we were not buying from a family member, but I think we were lucky to even get the offer of a mortgage.

I have a couple of defaults on my credit file and due to this recession my Husband who is a self employed builder has hardly worked since Christmas which is making it very very difficult to obtain a mortgage.

We have been told there are lenders out there who will still lend to the likes of us, what I want to know who they are so I don't waste our time and maybe make our credit file worse by going to lenders who would laugh in our faces.

_Andy_

You state in your other thread you've been dealing with a broker - have you not asked him/her? Would be a better idea given they know the ins and outs of your situation.

Mrs_Bumble

What sort of defaults? Are they settled? If so when?

If your husband is self employed and not worked much since Christmas is it really the best idea to take on a mortgage now?

Caz3121

How many years accounts does you husband have and what is your salary.
You said in your other post that you have no deposit and you have been living rent-free for years. If you are unable to save for a deposit with no rent payments are you going to be able to pay a mortgage?

catherinemick

Its not that we are choosing to get a mortgage now, we have to, if we do not buy our house now it will be sold as the current owners want it sold, they are offering it to us at a reduced price bargain.

We can afford the mortgage payments our problem is getting one, why cant lenders take into account your current circumstances rather than mistakes you made when you were young and foolish!!

beecher

But your current circumstances are you've no deposit, and your husband hasn't worked much since Christmas. It doesn't look that good a proposition to your lender, unless your salary alone is high enough to take on the mortgage? And even then, you still have no deposit.

Trollfever

The mortgage lenders may be concerned as The Official Receiver has the powers to reverse transactions at undervalue.