Bad Credit Mortgage.

bailee

I would like to buy a house but have a few bad credits. I have read where mortgage can be offered in cases like mine but I have spoken to a broker and my bank and I was told that this is not the case. So what is true.

I live in london at the moment and it is very difficult to manage I now have a 2 year old and that make cost of living an up hill battle.

I have not work since giving birth, but is looking to go back to work soon. When I calculate the costs it is better if I move out of London.

The problem there is that the rural wages is not as pocket pleasing as London.

Any advice would be great. thanks

amyloofoo

Would it just be you on the mortgage or do you have a partner / friend who'd be applying with you? Also, are you currently unemployed or on maternity leave? It currently reads as though you don't have a job and have bad credit, which makes it unlikely you'd get a mortgage. I don't know that anyone will be able to give you particularly useful advice without a bit more clarification.

Thrugelmir

bailee wrote: »

I would like to buy a house but have a few bad credits. I have read where mortgage can be offered in cases like mine but I have spoken to a broker and my bank and I was told that this is not the case. So what is true.

I live in london at the moment and it is very difficult to manage I now have a 2 year old and that make cost of living an up hill battle.

I have not work since giving birth, but is looking to go back to work soon. When I calculate the costs it is better if I move out of London.

The problem there is that the rural wages is not as pocket pleasing as London.

Any advice would be great. thanks

No income, bad credit. Until you at least resolve this. Property purchase should be down your list of prioritites.

Rural life is far better than City. While wages may be lower. So is cost of living in all respects.

beecher2

What level of deposit do you have? You need to wait until you have a job but get copies of your credit files to see how much damage has been done.

ACG

Your going to need to get a job and have been in that job for at least 6 months if not a year. Atleast thats then one major hurdle out of the way.

Then its just a case of trying to find a lender who will accept the adverse.

maninthestreet

The OP can't still be on ML if their child is now 2 years old, so they must be unemployed.

dotdash79

Thrugelmir wrote: »

Rural life is far better than City. While wages may be lower. So is cost of living in all respects.

I wouldn't go that far, I live in a semi rural area and I find it more expensive to live than in a city. You have to have a car and you need to travel a lot more to get to places.

Rent should be cheaper but you normlay have a lack of decent housing stock to rent from so it's not that much cheaper.

bailee

Sorry I have not replied to any of your post. I need to clarify and answer a few bits.

I will be buying on my own, and I would be doing when I am in employment.

I havent got any deposit, all of that was spend up when I lost my job and baby and rent was a prioity.

I am unemployed and is activiely looking for work, but it seems that for every job there is approximately 100 applicants. Or maybe I just have a non-starting CV and is doing rather badly on my applications.

Thanks ACG, do these lenders give 100% if not what is the minimum I sould have save up.


thanks
Bailee

Caz3121

I would aim for at least 10% deposit, with 20%+ being better

chesky

You won't be able to get a mortgage if you're on benefits. You won't be able to get a mortgage if you don't have some kind of deposit.

Why don't you wait until you have a job at least before you start thinking about buying a house.