Poor Credit, 100% Mortgage?

lolly3fh

I'm looking at getting on the property ladder for the first time. Single application, salary of £19000pa.

2 problems: I don't have a deposit, and my credit rating isn't wonderful; I don't think it's terrible, but it's not good either. My credit troubles are a few years in the past but these things take time.

I'm not in too much of a rush to buy but I want to know what options are available to me for the future. Is there such a thing as a 100% mortgage anymore, and if there is will they help the likes of me?

All advice welcome. I don't even know what sort of interest rate is considered reasonable!

richardw

If you were a lender would you lend money to a person like yourself in the current housing market in your area?

beecher2

You need to save up a deposit and build up your credit file. If you need help in working out how to save, then go over to the Debt Free Wannabee forum and post a Statement of Affairs for help.

whatmichaelsays

100% mortgages (or at least, ones where the rates won't condemn you to a life of slavery) are like rocking horse muck. Lenders aren't asking for the 25% deposit that there were last year, but getting a decent deal with anything less than 10-15% is going to be tough.

Also consider how much you actually want to borrow, bearing in mind that the recommended amount is around 3-4x salary.

Wutang_2

whatmichaelsays wrote: »

100% mortgages (or at least, ones where the rates won't condemn you to a life of slavery) are like rocking horse muck. .

Like what?

ERICS_MUM

Wutang wrote: »

Like what?

like wooden rocking horse poo - it doesn't exist.