morgage , but bad credit

scooper

hi, just some advice needed on getting a morgage at a reasonable rate if both of us have bad credit, ie cannot get a credit card,partner works, i stay at home with kids.
we are living in a housing !!!!!! house at the moment and are thinking about a morgage as the rent is high and wondering if we are beter off finding someone who can help us get a morgage even though if we could, the rate would be higher because of our current situation.
any advice?

hairy_cornflake_2

There are plenty of lenders out there who look at clients who have had or have an adverse credit history.
With these lenders you will generally need a deposit of 15% - 20%. You will also need to pay the legal fees and costs associated with buying a property - stamp duty alone is 1% of the purchase price if you are buying under £250,000 - even more the higher the purchase price!!.
If you have the deposit and money to cover fees I recommend you talk to an independent mortgage broker - but check how much they will charge you for their services!! - dont pay more than £150.00 - Alternatively look at the charcol website - https://www.charcol.co.uk

Debt_Free_Chick

hi, just some advice needed on getting a morgage at a reasonable rate if both of us have bad credit, ie cannot get a credit card,partner works, i stay at home with kids.
we are living in a housing !!!!!! house at the moment and are thinking about a morgage as the rent is high and wondering if we are beter off finding someone who can help us get a morgage even though if we could, the rate would be higher because of our current situation.
any advice?

You'll almost certainly pay a higher rate of interest. And you'll be paying that for some time.

And is now the right time to buy property? I don't know, but many commentators are forecasting price falls this year. It may not be a big price drop in one go, but gentle falls over the year. If they turn out to be right, you'd be better off saving for a nice fat deposit and then buying later, if prices have fallen.

scooper

thanks for the replys, really helplful, ;D
a good idea to have money behind you anyway when buying a house, if anything went wrong, so will have a good think about what we want to do.
thanks again