Bad Credit Mortgages - advice please?

Jellybean1

I am currently in a rotten situation whereby my house is on the market due to impending divorce, I've been left with a stack of debt as ex isn't paying his way and due to a few missed payments last year when we first split up I'm now finding it impossible to get a mortgage. All of my equity in the house is gone due to the "credit crunch" so I'm lucky if I'll break even when it's sold. Therefore I'll have no deposit to put down on anywhere new so impending homlessness looms and I'm starting to panic! I've seen a few websites for Bad Credit Mortgages etc. and just wondered if anyone had any experience of these? Is it worth an inquiry or is it just a load of unscrupulous companies looking to prey on people in dire circumstances? Any advice????

_Andy_

With no deposit you won't get a mortgage, with or without bad credit.

Jellybean1

Ok, thanks for your quick reply.

Leon_W

Deposit aside, there aren't really any "bad credit" mortgages either, despite what you are reading.

The most you'll probably get away with is a small default or CCJ but even then you would have to have a hefty deposit.

happybroker

There's pretty much no market at all for people with imparied credit these days I'm afraid. Equally very high loan to value mortgages (>90%) are no more also.

There is still a very active market in debt management and I think a lot of the old sub prime brokerages may keep their websites up as a way of attracting people in difficulty with a view to referring them on and earning nice fees as a result.

Sorry to say but it looks like rental is your only option. Speak CAB and Shelter, they may be able to help. All the best

Jellybean1

Thanks for the advice. I knew it was a long shot. I've spoke to the local housing associations so hopefully when the house is finally sold they'll be able to help me as I'll be technically homeless. I'll just need to save like a demon for the next few years till I can get a decent sized deposit together.

herbiesjp

In addition to the good guidance above, I'd suggest getting an up to date copy of your credit file just to see what is on there and what "damage" has been done.

This way you can set about to rectify any errors and/or repairing your credit file.

You might also want to start looking at how to remove any financial association between you and your impending ex-hubby - ask the credit reference agencies for guidance on this.

VIGILANT22

herbiesjp wrote: »

In addition to the good guidance above, I'd suggest getting an up to date copy of your credit file just to see what is on there and what "damage" has been done.

This way you can set about to rectify any errors and/or repairing your credit file.

You might also want to start looking at how to remove any financial association between you and your impending ex-hubby - ask the credit reference agencies for guidance on this.

Fortunately, Jellybean1 has been proactive about her affairs.........

http://forums.moneysavingexpert.com/showthread.html?t=1215117&highlight=