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Mortgage with bad credit but at least 85% deposit! Help!
xshellp90x
Posts: 2 Newbie
Hi can someone advise me....I am waiting for quite a bit of inheritance to come to through and want to get just a 12000 mortgage as I have 68000 to put down on a house.The thing is though my credit is terrible from getting in a lot of debt a couple of years ago due to redundancy.When I get the inheritance though the first thing I will do is pay off ALL debts! So will this help my eligibility for a mortgage too? Please help im clueless about mortgages etc. Thanks.
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Comments
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If you are clueless about mortgages then you should probably speak to a broker.
What are the issues with credit? CCJ's? Defaults? IVA/Bankruptcy?
When did these happen?
Are you employed now? Salary?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It depends on the details of "credit is terrible" - probably won't be cheap, but on that level of borrowing may not a problem as long as you meet affordability.
Such mortgages generally only placeable via mortgage broker/adviser - they will inevitably want a fee for this sort/size of mortgage because of the work involved but obtaining the best value option will almost certainly more than offset this.
Also they will look at the detail and tell you if this is do-able.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
if the house is 80k just offer the 68k as a take it or leave it offer0
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Aside from the credit problems, most lenders will not consider lending less than £25000I am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Why not clear your debts. Then take time to consider your next option. There's no point in rushing matters. By clearing your debts could you not save some money? May take a year, but you'll remain debt free.0
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