Heavy deposit small mortgage

Jamster747

Hi Guys,

I am looking to purchase a property worth £205,000,

I have £185,000 cash but require a mortgage of £20,000 is that possible?

However I got very bad credit few defaults but no CCJ what the chances are of getting a small mortgage?

My income is £1,100 per month.
Debt cleared but only have defaults on credit file.


Can you advise?

Thanks

James

lee111s

You need to speak to a mortgage advisor really. I believe most mortgage companies have a minimum lend of £25,000 however with the sort of deposit you have I don't think you'll have any problem, even with a couple of defaults however it does depend on how much they were for and how long ago they were.

kingstreet

You may find the kinds of lender willing to lend if you have a serious adverse credit history may have a higher minimum loan.

If you have historic problems and these don't add up to too much, a non-scoring local building society, with a lower minimum loan, might be a better idea.

Either way, a good independent or whole market broker is your best first call.