First time buyer...poor credit...mortgage??

grandpoobah

Hi guys
Apologies if i have posted in the wrong forum or what not (first time poster).. right-o..well im a 26y.o looking to buy my first property. I was a bit careless in the past, and as such got a couple of defaults on some payday loans a few years back (which will be cleared in 4 years). The debts themselves have been paid off, and financially i am pretty stable after getting out of that whole payday spiral.
Anyway, bad credit aside, im earning £30,000 a year (with a annual 15% bonus each year, and pay rise etc), and have a deposit of £25,000. My question is, for someone in my position - i.e. really poor credit, but with no debt outstanding as of now, how possible would it be to get a mortgage? I sorta guess that i couldnt go to a high street bank (as i have a friend who works in barclays who said it would be very difficult), but was wondering if there were other firms that anyone knows off that would be helpful to someone in my situation
Any replies much appreciated
Cheers

Thrugelmir

Smaller building societies take a more personalised approach to underwriting.

Opening an account and saving with a potential lender may aid your cause.

GMS

What sort of purchase price are you looking at?

There are lenders for people with adverse credit in the past depending on Loan to Value and criteria.

Have a chat with a broker.

grandpoobah

Thanks for the replies guys.

Well basically anything in the 170-180,000 region, which i believe is faesible with my deposit/salary i currently have. Do you guys have any recommendations for smaller lending chains?

Thrugelmir

grandpoobah wrote: »

Well basically anything in the 170-180,000 region,

On your current salary and saved deposit. The answer is no.

Find a starter home to get you on the ladder. The dream home can come later.

pauletruth

thats a lot to borrow your looking to borrow 5x your wages. even if you could do it which you can't don't. think even if you could struggle and pay it now what happens when your paying 6%. don't forget your stamp duty and fees. and your council tax will be quite high as well. then your sub prime so more intrest. really don't do it. your looking at 900 a month at 6%