How do I get a 100% mortgage with bad credit?

tony28

How would I go about looking for a 100% mortgage with bad credit history?

I have a CCJ outstanding for £5000 so don't think I would be able to apply for any type of mortgage to be honest, however I have no idea how it works - the whole process is ridiculously scary!

I earn £1120 per month so could afford the payments & am looking for a mortgage for around £80.000

Does anyone know where I would start? Some websites I have looked on require a 20% deposit which I just can't do

ILW

I would suggest you have no chance, get saving and sort out the CCJ.

Berkshiregirl

There are no 100% mortgages on the market, for a number of good reasons. With bad credit (depending on how bad) you are unlikely to get a mortgage at a competitve rate even with 20% deposit.

vicshippers

I have to agree with the others - you have no chance.

Would you lend a months wages to someone that has a reputation for never paying anyone back and that had not 1p in the bank? That's what you would be asking a bank to do.

JimmyTheWig

Have you thought about renting?

tony28

Thanks, there are housing builds in in my area that advertise promoting 100% mortgages to get people in them. Does anyone have any experience with these?
Am I unlikely to qualify for these.

My partner doesn't have a bad credit history and also earns £1000 per month, do we have any options?

I considered renting but cannot find anywhere that doesn't do credit checks

_Andy_

With the adverse credit and no deposit you don't have any options at the moment.

SandC

Your salary wouldn't get you a mortgage of £80k anyway, but if you were purchasing with your partner it might.

To be honest, I would look at renting instead, clear debts and save up a deposit.

vicshippers

If you're avoiding renting because of the credit checks then a mortgage is not for you - they too come with a credit check!!

Try renting privately - private landlords normally don't do a credit check.

dwsjarcmcd

tony28 wrote: »

Thanks, there are housing builds in in my area that advertise promoting 100% mortgages to get people in them. Does anyone have any experience with these?

It is more than likely that the price of the new build will be rather more than it's real open market value. As others have said, your better off renting, at least you can't be in negative equity, which is where you'd probably be with the type of property your talking about.

David

Mrs_Bumble

Pay off your CCJ, save a deposit a good 20% and then look at buying.

Is £1120 a month before or after tax? That sort of income isn't going to support an 80K mortgage.

With your credit history you would not qualify for the type of deal you have seen advertised.