Mortgage Selft Employed + Bad Credit

markbridges123

Hi, I was wondering if anyone could point me in the right direction of a good company :

I am selft employed , but have good accounts , but I defaulted on 2 credit cards 2 years ago ( both have been satisfied ) .

Everyone keeps giving me differnet advice but need some sound advie from a company that deals with this scenario... Be great to here from someone that has been in this situation.

Some of the actual fees I have been quoted are huge.

herbiesjp

Are you a sole trader or limited company?

What has been your Net profit for the last 3 years?

What prices are you looking at? What deposit do you have?

Leon_W

There are specialist lenders that will ignore defaults OVER 2 years old and possibly accept you on a prime product at a half decent rate at somewhere between 5 and 6 % for a typical 2 year fix. LTV would be 75 - 80 Max.

Anything heavier than that then you are looking at sub-prime and rates go up to 7 - 8% and LTVs would come down to 65 - 70 %.

It is REALLY difficult to give any sort of meaningful advice in these scenarios without knowing the full facts but the above is a guide. Dependant on the mortgage amount some brokers may agree to take the case on without charging a fee, others may try and rip you off ! You have to shop around a bit (which it seems like you are doing) but don't get too many credit searches done.

Regards