100% mortgage for someone with bad credit?

indio1919

Is it possible to get a 100% mortgage with a bad credit history?

Ive scoured the net etc and cant seem to see if this is possible, anyone know? Or perhaps the best people to go to if your credit history is not so good. Im a first time buyer by the way,

cheers,
R.

UK007BullDog

Sorry mate, but the 100% are just for those with really clean records.

But having said that some will give 100% but you will not be able to get the max (income multiple/affordability) on your income.

How bad is the Credit record? Maybe it is not as bad as you think. Have you pulled a copy? Take that to a broker and they will discuss with you all options available. Some lenders will even just require 3% deposit.

The lenders who come to mind all have strict underwriting criteria.

herbiesjp

Agree with above - have you got a copy of your credit file.

What is on there that would cause problems?

indio1919

UK007BullDog wrote:

Sorry mate, but the 100% are just for those with really clean records.

But having said that some will give 100% but you will not be able to get the max (income multiple/affordability) on your income.

How bad is the Credit record? Maybe it is not as bad as you think. Have you pulled a copy? Take that to a broker and they will discuss with you all options available. Some lenders will even just require 3% deposit.

The lenders who come to mind all have strict underwriting criteria.

i have a ccj registered (12K) and unsatisfied in Jan 04, anyone brokers or lenders who could help me out?

UK007BullDog

Well, no 100% for you with that. I think you need to speak to a broker but you also need a sizable deposit as you are a higher risk. I dont have my chart with me so cannot give an exact figure but you may need 10 - 20% deposit.
Some of the other advisers here might be able to give you a better number.

A broker would be able to look at all adverse lenders and how much deposit they require of you.

mhay_3

as of this month (3yrs since default), you may be able to get away with a 10% deposit, but only with 1 or 2 lenders.

A 15% deposit gives you a few more options, but not many lenders will touch an unsatisfied ccj of 12k!

HelpWhereIcan

indio1919 wrote:

i have a ccj registered (12K) and unsatisfied in Jan 04, anyone brokers or lenders who could help me out?

How sure are you of your dates? Is there definately nothing else?

I just need to check that you DO mean that the CCJ is unsatisfied - not paid off.

If it is paid off, it may change things. If it was paid off in the month that it was registered, there is the chance that it could be legitamately removed from your file.

As long as the CCJ is more than 2 years old (even if not paid off), I can think of a lender (Future) who would consider 100% and can think of a second with better rates (Accord) if the CCJ has been satisfied (paid off) for 2 years or more or registered more than 3 years ago.

With both, you will still have to pass their credit score, so they will be looking for good conduct otherwise, decent amount of time in job etc etc, but their criteria does allow them to consider the application at 100%.

Failing those, I would have thought that (due to the age of the CCJ) you would be able to get a 'near prime' deal with a 5% deposit.

If you haven't already, get a copy of your file to make sure that you and your broker can see everything the lender can. DO NOT take my mentioning of these lenders as a reccomendation of them as being right for you or that they will definately provide you with a mortgage. Have a word with a local whole of market adviser who can match your actual circumstances to a lender. Do not use a firm that will take the mick and charge a hefty fee.