100% mortgage for first time buyer with bad credit?

Stuart1980_2

Morning all

Looking on some advice on the above. I have had some problems with credit in the past, 2 default and missed payments, but I am on a firm footing nowadays and am looking at buying a house with my fiancee.

Im 26 and she is 23 and unfortunately we dont have a deposit as ive been using all my money to clear off my debts. Is there anywhere that would give us a 100% mortgage considering I have had bad credit before?

Thanks in advance

herbiesjp

What was the bad credit for and how long ago was it?

Stuart1980_2

on a previous loan i had and it was january 2005.

herbiesjp

you said 2 defaults - what was the other?

Stuart1980_2

Other one was on my bank overdraft last July/August.

Overdraft now back within normal limits and loan I got default for is paid off.

herbiesjp

100% mortgages normally have very stringent underwriting. Without knowing your exact details, I would suggest that it will be difficult to get a 100% mortgage agreed for you

I would suggest having a word with a whole of market mortgage adviser and give them a copy of your credit report from Experian or Equifax - this will enable them to see if you could fit within a lender's criteria.

Stuart1980_2

Thanks for the advice mate. I get the feeling I will be renting for a wee while and save up a deposit and also have a few years of no missed payments etc for the credit record.

Old_iron_balls

just posted this on a similar thread..

I have one satisfied default from 2002 and a history of debt and missed payments.
BUT recently passed the credit check for a 100% mortgage with Northern Rock via Bradford and Bingley.
For years I thought id NEVER be able to get a mortgage but our broker said as the default was a few years old and satisfied we shouldnt have a problem.

Put our first offer in yesterday