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

Declaration_2

I have been trying to get a mortgage with no success. I have one default and a credit score of 415 which I'm now working on improving.

The property was new build which actually counted against it, and I was getting a great deal on it, and had a 20% deposit too.

I'm forgetting even trying for a mortgage for another 12 months until my credit score is higher.

tek-monkey

I take home £1350 and only got a mortgage of £80k with a LTV of 60%! Admittedly thats all I needed, so it wasn't an issue.

BritRael

SandC wrote: »

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.

I agree with all the above comments.

Another point against the idea of a mortgage in your position, is that even if you could get one with your combined income, you've got to consider the current interest rate; it has never been lower (incidently, when I got my first mortgage, the rate was 15%!). There is probably only one direction that it can go, so if you take out a mortgage and can initially barely afford it you will quickly be in trouble when it rises. This is one of the things that caused the current banking crisis.

Rent and save is the way to go. :cool:

Good luck to you both

Jamie_A_G

Are you having a laugh?!