first time buyer ( poor credit )

babyb_3

Hi,
I am new to this, but would really appreciate anyones advice. My credit rating was a bit damaged last year due to one thing and another, but I am now in a situation where I would like to get on the property ladder, but un sure where to start. Does anyone know of a good lender which will lend with my bad credit history? I am worried I will end up being ripped off by these companies that promise the world! ( you know the ones!!)
Thank you.
Babyb

herbiesjp

Hi babyb

Welcome to the board

You will probably be able to find lenders that will give you a mortgage.

However depending on what credit problems you had, it will dictate what rates you will have available.

What kind of problems did you have? Are they all cleared up now?

It also depends on your income/debts and whether the mortgage amount can be supported by your income.

HTH

shameless-about-money

babyb wrote:

Hi,
I am new to this, but would really appreciate anyones advice. My credit rating was a bit damaged last year due to one thing and another, but I am now in a situation where I would like to get on the property ladder, but un sure where to start. Does anyone know of a good lender which will lend with my bad credit history? I am worried I will end up being ripped off by these companies that promise the world! ( you know the ones!!)
Thank you.
Babyb

You need to go to an Independent Mortgage Broker. You are looking at probably a 10%-15% deposit and a rate of about 2% above the normal rate - this is for "adverse credit" mortgages.

If you went to the usual banks/building societies they will farm you out to a broker anyway.

Hope this helps!

MortgageMamma

Hi babyB

Until you have had your circumstances assessed by a professional, i.e. a broker, do not take the above as factually correct. There are plenty of people who have had credit problems who have sucessfully secured 95%, 100% and even 125% lending.

If you give some more information about your situaiton I will give you my opinion, but in your original post theres not much I can work off.

MM

herbiesjp

shameless-about-money wrote:

You need to go to an Independent Mortgage Broker. You are looking at probably a 10%-15% deposit and a rate of about 2% above the normal rate - this is for "adverse credit" mortgages.

Not really true

Deposits can be similar to normal rates, and rates for adverse credit can be very competitive indeed.

However, it all depends on the exact details of your adverse credit

HTH

shameless-about-money

I was speaking in general terms, and in general terms my information is correct. There are always ifs and buts dependent on the circumstances of the person applying for the mortgage!