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Clutching at straws
bethanchloee
Posts: 5 Forumite
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!
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!
0
Comments
-
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?0 -
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?0
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