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Bad credit but big deposit - can i still mortgage?
mattlloyd
Posts: 1 Newbie
Hi there,
We are now looking to buy a new property, we have a 45% deposit based on the property value of 250,000. My credit is not great can I still get a mortgage? Any thoughts or guidance.
I wanted to ask here before I see a mortgage adviser!
cheers
We are now looking to buy a new property, we have a 45% deposit based on the property value of 250,000. My credit is not great can I still get a mortgage? Any thoughts or guidance.
I wanted to ask here before I see a mortgage adviser!
cheers
0
Comments
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Depends on employment, stability of job, how many missed payments and when, etc. Is the 45% accountable i.e. if they want to see proof you didn't deal drugs to obtain it, can you show them such proof? They asked this for me and I had a similar deposit.
Short answer: Apply and find out
"The only man who makes money from a gold rush is the one selling the shovels..."0 -
Go see an IFA, different lenders have different lending criteria, with such a big deposit you can probably find someone who will lend but it might be at a horrible rate.0
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Or see a broker first and don't make your credit file worse by making applications that stand no chance of being accepted.Thinking critically since 1996....0
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Obviously without more detail on how poor your credit file is then it would be impossibe to speculate with any definition.
That said, given your deposit there should be a solution.
Dependent on the detail of your credit file and how good your mortgage broker is will depend upon how much the rate will reflect this.
All the bestI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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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