hello!!poor credit mortgage holders look here!

emszii

no but the property we are looking at has 5% deposit paid by the seller for a quick sale...as he bought it to let but he doesnt want it anymore...

maka_2

how much are you looking to borrow? and if you don't mind me asking what is your joint income?

emszii

our joint income is 28k and we are looking to borrow 83-85k thats minus the 5% obviously

was yours similar?

maka_2

at the time of getting the mortgage our income was £29k we did have a deposit of £8k bought the house for £119k so borrowed £111K we had defaults total of £18k 3 ccj's total of £5k.
you will be fine getting the mortgage so go for it.
it has been tight but with some good like i have managed to land a job of £30k basic plus commision so my wage pays all out goings and we have my partners to do what we like with.

emszii

maka wrote:

at the time of getting the mortgage our income was £29k we did have a deposit of £8k bought the house for £119k so borrowed £111K we had defaults total of £18k 3 ccj's total of £5k.
you will be fine getting the mortgage so go for it.
it has been tight but with some good like i have managed to land a job of £30k basic plus commision so my wage pays all out goings and we have my partners to do what we like with.

All unsettled (defaults and ccjs)?
where did you rate in the status chart maka if you dont mind me saking
was it near prime, light,medium, heavy etc?
Thanks so much for letting me know about your situation maka
I have fallen in love with this house, but i am so worried that gmac will refuse us but from what you have said its seems hopeful you know

emszii

is there anyone else on the boards who has been in the same situation?

MortgageMamma

Emszii

I am saying this purely for your own good but, it is unwise to stab in the dark with mortgages, if you have adverse credit best thing to do is get your credit report or get your broker to credit check you and let a broker advise you - there are hundreds of products for people with adverse credit and its important as first time buyers you get the right one. The product criteria and underwriting become slighly more complex on adverse products, and you never know, you may be able to place your mortgage with a lender such as leeds or chelsea BS who are not branded non conforming/adverse lenders, but mainstream lenders who do adverse products. Much better for you.

MM x