Mortgage non starter?

normalnigel_2

Hi all,
I have a very poor credit history which includes defaults and also going bankrupt in 08. What are the odds of being accepted for a mortgage? presumably a rent to buy type mortgage?
Also, I guess, if accepted it will be an expensive one based on high risk blah blah.....
I also have very little chance of saving a deposit!
apart from that - piece of cake!!
cheers

andrewmp

I'd say little/no chance.

poppysarah

I'd start saving for a deposit for a few years before you put yourself through the stress of applying.

LandyAndy

andrewmp wrote: »

I'd say little/no chance.

I'd say that was quite optimistic in the current climate.

jockosjungle

If you cannot save a decent deposit then no chance. Save for a good few years to get a deposit together and then maybe your credit problems will be so far in the past nobody will be that bothered

R

_Andy_

normalnigel wrote: »

Hi all,
I have a very poor credit history which includes defaults and also going bankrupt in 08. What are the odds of being accepted for a mortgage? presumably a rent to buy type mortgage?
Also, I guess, if accepted it will be an expensive one based on high risk blah blah.....
I also have very little chance of saving a deposit!
apart from that - piece of cake!!
cheers

If you don't have a deposit you won't get a mortgage.

andrewmp

LandyAndy wrote: »

I'd say that was quite optimistic in the current climate.

I was going to say no chance but I thought a pedant might jump on it. :beer:

You're right, no chance.

normalnigel_2

LOL ok saw that coming.....
Thanks for the "advice" so far. However,

Lets say I CAN raise the deposit...does that change things? Lets say that the lenders aren't interested in history as long as I can basically borrow 100k plus for a house provided I pay them 10% (ish) up front for the pleasure.

Please do not reply if you cant manage to reach your keyboard without a soapbox. Thank you...........now there's a challenge.

andrewmp

normalnigel wrote: »

LOL ok saw that coming.....
Thanks for the "advice" so far. However,

Lets say I CAN raise the deposit...does that change things? Lets say that the lenders aren't interested in history as long as I can basically borrow 100k plus for a house provided I pay them 10% (ish) up front for the pleasure.

Please do not reply if you cant manage to reach your keyboard without a soapbox. Thank you...........now there's a challenge.

Well if the lenders weren't interested in your credit history then you might be ok.

The problem you'll have is all lenders will be interested in the credit history and it'll make it very difficult/impossible to get a mortgage in the current climate. Also, to get decent rates, you'd need more than 10% deposit anyway, even with a "clean" history.

Good luck though.

sonastin

If you had a windfall and came into money so you've got a deposit your chances probably rise from none to slim. But it still doesn't look good from a lenders point of view. You'll probably need to be showing signs that you are on the road to being a good credit risk - taking the right steps to improve your credit record. I suspect you'll also be in need of much more than 10% deposit before the banks will feel comfortable lending to you - at least until your defaults and bankruptcy are firmly in the past. (2008 sounds awfully recent in credit history terms)

LandyAndy

normalnigel wrote: »

LOL ok saw that coming.....
Thanks for the "advice" so far. However,

Lets say I CAN raise the deposit...does that change things? Lets say that the lenders aren't interested in history as long as I can basically borrow 100k plus for a house provided I pay them 10% (ish) up front for the pleasure.

Please do not reply if you cant manage to reach your keyboard without a soapbox. Thank you...........now there's a challenge.

Not by borrowing it elsewhere I hope.:o