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Clutching at straws

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bethanchloee
bethanchloee Posts: 5 Forumite
in House buying, renting & selling
Hi,

I know NOTHING about buying a house/mortgages etc so I'd really appreciate some advice.
I have 7.5k to use as a deposit & would love to be able to buy...however, I have an awful credit rating.
Is it completely impossible to get a mortgage right now?

Thanks, I know I must sound very stupid!

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  • casualwalks
    casualwalks Posts: 188 Forumite
    First Anniversary First Post Combo Breaker
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    A couple of questions.

    1. What do you mean by awful? Late payments? CCJs? defaults?
    2. What is the value of the house/flat you are looking to buy?
    3. What is your salary?
    4. Do you have any debts/Loans?
  • G_M
    G_M Posts: 51,977 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
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    Well, say you get a mortgage (see casualwalks Qs above!) on 10% deposit basis (unlikely), then you'll get £75,000 to add to your 7.5K. So you have £82,500.

    You'll need, say, £1500 for legal/mortgage fees (at least), plus moving-in costs.

    So what can you buy in your area for £80K?
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