Mortgage but with bad credit. Any hope for me?

vik6525

Eeeeek!

Where to start?

Ok, I was very 'reckless' with money a couple of years ago, and as a result, have indeed got a terrible credit history. I've sorted myself out the last couple of years now, and would like to purchase a house. However, looking at my equifax file, theres still a lot of the 'bad stuff' on there.

What Im asking really is if anyone has any experience, or knowledge of getting a mortgage, when your file is as rubbish as mine?


eta.... Im currently paying £500 a month in rent, and having looked around, I belive a mortgage would be much less.

_Andy_

Not enough info to go on
What specifically is the adverse credit?
How much deposit do you have saved up and what kind of property values were you thinking of?

vik6525

The properties I've seen have been around the
£80,000 mark.
I have a deposit of around £5000 saved.
And the adverse credit mainly refers to unpaid credit card bills, things of that 'ilk' if you get me? (all paid off now though I must add!)

_Andy_

Not going to happen with such a low deposit I'm afraid.

Conrad

You need to be much more specific as follows;

List each type of debt you had that was late like this - VISA card, late paid 6 times in 12 months, last late payment was march 2007. If any defaults or ccjs were registered, you need to give exact details.

From the limited info you give, you will need at least 20% deposit.
Almost certain no high street lender would accept you, until 6 years has elapsed since last late payment - time enough to prove the leopard can change its spots.

Best of luck.

pumpkin30

would need aleast 10% deposit with good credit history
bad credit history would imagine 25% plus needed and still would have to shop around