Help, Need a mortgage but have bad credit...

crawfy

Hi there,

I'm a FTB looking to buy a flat for £95k. I can raise up to at a max 10% of the amount but am finding it difficult to find a mortgage that will accept a default which is just over a year old and also employment history of less than 3 months. I've just qualified as a teacher and my salary is £19.5k and i have a second employed job at 5k a year.
Is there any mortgage companies that will accept these problems? I've found my property and need to find someone asap as i do not want to lose it.

Thanks in advance
Claire

toonfish

presuming the default is satisfied have you tried abacus or alliance & leicester?

crawfy

yes it is paid off. Are those good for people with bad credit?

sammyjammy

I had a CCJ and three defaults, all repaid, try Abbey they accepted me and its a very good high street rate!

Sam

MortgageMamma

Hi Crawfy

There are a number of lenders who could do this for you. Being a teacher, are you on a permanent status or a rolling contract?

As you are a professional at the beginning of your career you could look at getting a professional mortgage, but most mainstream lenders should be able to help with your application. Regarding your second job, is that on an employed or self employed basis?

MM

crawfy

The second job is on employed basis so i get taxed a huge amount!!! And my job is on a permanent basis

MortgageMamma

Right ok, well there are some lenders who will accept your second income for mortgage purposes and some that won't. I doubt you will have any problems finding the right mortgage for you if you take some professional advice from a whole of market mortgage broker. Have you secured the property you want to buy or do you need to look at your mortgage options quickly before making an offer?

crawfy

I haven't secured an offer yet but am in the process of considering making an offer on a place. Just don't want to do that if there is no chance of getting a mortgage

MortgageMamma

Yes I see what you mean and it is the best way to do it. What you need to do is get somethign called an agreement in principle (a mortgage promise) off your selected lender. A good broker can do this in a matter of minutes for you, but if you prefer not to use a broker then you can go to most companies direct online.

kenshaz

Mortgages with poor credit
Try this link ,if you have already it OK ,if not worth a read.

crawfy

could you suggest some brokers? Thanks