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Mortgage on bad credit...
Pressleyno1
Posts: 174 Forumite
I'm looking to get a mortgage with my girlfriend. We are looking fr somehwere in the price of 80-100k. We haven't been to see anyone about a mortgage yet, so just looking for some answers on here first.
I have missed quite a few direct debits etc, so my credit rating is rubbish basically. She has probably missed one or two as people do. I've heard that instead of a 5% deposit they might ask for 10% instead. If this were the case then things don't look good as we only have £5000 saved just now.
Any advice appreciated
I have missed quite a few direct debits etc, so my credit rating is rubbish basically. She has probably missed one or two as people do. I've heard that instead of a 5% deposit they might ask for 10% instead. If this were the case then things don't look good as we only have £5000 saved just now.
Any advice appreciated
Feb 06 *****Highest Debt*****
Credit card - £800 in the red // Overdraft - £750 in the red // Loan - £2000 in the red
*****Current Debt*****
Credit card - GONE ! // Overdraft - GONE ! // Loan - GONE ! // Savings (Oct 12) - £6.5K+ :money:
Credit card - £800 in the red // Overdraft - £750 in the red // Loan - £2000 in the red
*****Current Debt*****
Credit card - GONE ! // Overdraft - GONE ! // Loan - GONE ! // Savings (Oct 12) - £6.5K+ :money:
0
Comments
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Without further investigation into your circumstances and the level of your credit problems it really is impossible to say. But you are right, the worse your credit problems the higher deposit you will pay and generally the more you will pay on your mortgage payments. Whatever you do don't go applying willy nilly to lenders as lots of credit checks and declines will wreck your credit rating. Take advice from a whole of market mortgage broker.I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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