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getting mortgage with bad credit
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mortgage2
Posts: 1 Newbie
we have found a house and put in offer which has been accepted. house value 250k we have a 10% deposit so need mortgage for 225k. my partners credit score however isn't brilliant currently 550 no CCJ's only missed/late payments 6 in last 8 months! our current IFA has said it may be difficult to get a mortgage, but hasn;t outlined fully what the options are!?!?
we don't want to get refused as understand that that doesn't help future applications etc.
does anyone have any ideas that could help?
credit score has improved and credit cards etc have been paid off
we don't want to get refused as understand that that doesn't help future applications etc.
does anyone have any ideas that could help?
credit score has improved and credit cards etc have been paid off
0
Comments
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With only 10% deposit, I don't see a solution being provided by a high street "credit scoring" lender like Nationwide, HSBC etc.
It may be worth considering a smaller building society which does not credit score, but which considers every application on its merits with a human being making the decisions.
Your broker should be able to make suggestions for your area...I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
why have you put a offer in when you do not know whether you can proceed..?It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
Your IFA should know before placing an application to a lender if it is going to refuse or not. They (good brokers) would contact the underwriter to have a verbal word with them to check if the application is going to succeed or not.
If you are not happy with your IFA, I would suggest you speak to another one and find out your options.
Try https://www.unbiased.co.uk
Hope this helps.0
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