First time buyer/Bad credit history

yhs4260

Hi,

Ive put off getting a mortgage because of my bad credit history.

I am however fed up with renting!

in the past 3 years my credit/repayments have behaved like an angel however.

Prior to 3 years however I was quite badly behaved. Gained a CCJ and 3 defaults.

Is it possible in anyway to get a mortage with a bad credit history? I have £16,000 in savings now and could use that as a deposit.

Any advice appreciated, even if it is to say 'You were right, bad credit=no mortgage'

cheers

herbiesjp

You can get a mortgage even with a bad credit history

The bad credit history will affect the rate and the mortgage amount that might be offered to you however.

The fact that it is all over 3 years old, is also a good thing.

What were the amount and dates that the CCJ/defaults were registered?

What property prices are you looking at? What is your income?

MortgageMamma

Yesyou will be fine mortgage wise, there are even high street lenders who would accept you for a mortgage but avoid nationwide as they would not

yhs4260

thanks!!!!!!!!! ill be off in to the city now!

kydon

I have simmilar issue! Any ideas of high street lenders that would do that?

herbiesjp

We are not allowed to recommend on the open board - it is aganist board rules.

However you need to be careful ,as if you have adverse credit history, you scenario would need to be assessed very carefully to see if it could fit the criteria of a high street lender. You should not go down the high street applying to all of them as that could harm your credit score and make getting a mortgage even harder

Whether or not you can get high atreet rates will depend on what is on your credit file - do you have an up to date copy? If not, get a copy and discus your options with a whole of market adviser

HTH

[Deleted User]

yes but see my post about a good and a bad mortgage -

http://forums.moneysavingexpert.com/showpost.html?p=5183190&postcount=753

Id say if you cant get a low rate then wait 3 years while your credit rebuilds, house prices will drop because so many people in this country have totally overstretched themselfs due to some sort of must buy a house mania.

The fact is there is less dead money in renting a room in a shared house to buying a home where by twice the dead money goes in interest payments. House prices will be coming down soon as interest rates rocket to squeeze the countrys mental debt habit. Over the next 8 years id put money on the fact that good savings will easily outstrip house price increases.

[Deleted User]

Give it a crack with these i believe is martins recomendation IIRC -

http://www.lcplc.co.uk/

kydon

yant1 where did Martin recomend this? I mean in which article?

[Deleted User]

http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101649966,86816,

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