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Mortgage with poor credit - any chance? Mortgage brokers?
fustratedriver
Posts: 4 Newbie
Hi,
Just after a bit of advice really.
I was declared bankrupt in 2006, I am current cleaning up my credit report as detialed on this forum.
My partner defaulted on a credit card a few years ago - not sure if there is any way to improve this on a credit report - he is going to try and negogiate with the lender as maybe able to part settle the debt.
We would like to buy a house as things have considerable improved with regard to out income and financial situation. We have a good size deposit and are a bit lost as to where to go for to get sensible mortgage advice.
Do you think with our history we will struggle to get a mortgage? Where is the best place to find a reputatable mortgage brooker for our situation?
All help and guidance greatfully recieved, Thank you,
Just after a bit of advice really.
I was declared bankrupt in 2006, I am current cleaning up my credit report as detialed on this forum.
My partner defaulted on a credit card a few years ago - not sure if there is any way to improve this on a credit report - he is going to try and negogiate with the lender as maybe able to part settle the debt.
We would like to buy a house as things have considerable improved with regard to out income and financial situation. We have a good size deposit and are a bit lost as to where to go for to get sensible mortgage advice.
Do you think with our history we will struggle to get a mortgage? Where is the best place to find a reputatable mortgage brooker for our situation?
All help and guidance greatfully recieved, Thank you,
0
Comments
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fustratedriver wrote: »a few years ago - not sure if there is any way to improve this on a credit report - he is going to try and negogiate with the lender as maybe able to part settle the debt.
Why not just pay off the debt if you have a sizable deposit saved?0 -
A settled default looks better than an unsettled one, so clearing it using some of your deposit money will make it look better.0
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I had a friend who was in a similar situation as you and went to a broker who got her a deal. She paid a really high interest rate to get one but at least one was eventually given. If you find the right mortgage advisor they'll find you something.0
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I have had a colourful history in the past and we found the easiest way to get on the market was to get a council house in a decent enough area (they still exist
) We then rented for 2 years and kept out finances tip top. We purchased our house from the council with a 100% mortgage via an independant mortgage advisor. We paid £36,000 inc fees (£34,000 was the actual price) and it has just been valued at £60,000 after 5yrs. I've seen a number go for more then this as its a good area for buy to lets, but Im being conservative. We now have a decent equity and can make our next move whenever we want. All the high street lenders that wouldn't touch us before are now offering us some great deals. This is the only way we could have done it as Im not a great saver and would never have got even 10% together back then never mind 25%. We found our broker could access mortgage companies we hadn't even heard of and they did all the donkey work, even coming to our house with all documents all ready to be signed. Their fees may seem high at times but they did a dam good job for us and saved me alot of knockbacks. Credit card and overdraft at 18. 2 loans and 3 storecards at 20. University education flushed down the toilet through debt at 22. Car finance at 23. Car repossessed at 24. Rock bottom at 25. Learnt my lesson 26-33. Now 34 with a mortgage on an affordable house, a car paid for with cash and a bank account in credit. I learnt the hard way.0 -
LoopyPrune wrote: »with a 100% mortgage
Not going to happen in 2011 or 2012...Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
CloudCuckooLand wrote: »Not going to happen in 2011 or 2012...
The OP wasn't asking for a 100% mortgage as they had a deposit. I was just putting my situation into context so they could see what an independant mortgage advisor did for us in our circumstances.Credit card and overdraft at 18. 2 loans and 3 storecards at 20. University education flushed down the toilet through debt at 22. Car finance at 23. Car repossessed at 24. Rock bottom at 25. Learnt my lesson 26-33. Now 34 with a mortgage on an affordable house, a car paid for with cash and a bank account in credit. I learnt the hard way.0
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