sub prime mortgage

keith_t_3

hi, this is the first time i`ve been on this forum so i`m on here to pick your brains. i have debts of around 9000 pounds and had two defaults over the last 2 years i have been left my fathers house that i am going to sell and split the money with my brothers. this will leave me enought money to pay off all my debts and have 15 - 20 thousand for a deposit on a house if i can get a mortgage that is . i have heard about sub prime mortgages for people that have had financial problems. can anyone shed some light on if they are obtainable as i`ve had 2 defaults ?
thank you for your time
keith t

happybroker

how much were the defaults for and when were they registered?

keith_t_3

hi, thanks for getting back to me, one default was 18 pounds and the other 86 pounds. the first was 2008 the second june last year.

poppy10_2

With two defaults within the last two years (however small the amount), you will struggle to get a mortgage with anywhere near a decent rate.

happybroker

keith_t wrote: »

hi, thanks for getting back to me, one default was 18 pounds and the other 86 pounds. the first was 2008 the second june last year.

If you are looking at 80% lending or less the I think you stand a good chance of getting a decent deal. Take your credit file to a good whole of market broker and, providing these defaults are satisfied (if they're not then satisfy them straight away) you should be ok as a couple of building societies may well be willing to assist.

good luck!

Conrad

Keith, a couple of small defaults might be acceptable as long as you dont have a general history of late paying debts. The lender has to ensure they are lending responsibly and that you have the mindset to pay a mortgage on time in full each month.

All the best