Advice please -best place for help with mortgage with credit defaults

medion

Can anyone advise please. My partner & i have always worked and are desperately trying to secure a home for our children but have some credit defaults. We have a good employment history & earn basic wage of £30k but have been advised that we would be lucky to get a mortgage of £80K. Can anyone please advise of any company that may be able to help us.

many thanks

TrueBlueAngel

You're in the same boat as me really. Have been advised that its best to have a deposit. If you don't have that, try a vendor gifted deposit with the seller. There are plenty of places out there but if you have any defaults under 12 months old, you'll be hard pushed to get anything. We're having trouble as it is.

herbiesjp

There are plenty of comapnies that will look at agree mortgage for people who do not have perfect credit historis. What rate and what mortgage amount will be offered will depend on the severity of the past problems - please note that all lenders have different ways of assessing the problems and so their is no set standard to working out what kind of rates you could get

What kind of problems did you have? When were they first registered?

Wafoo

Same thing for me,completed my IVA in Feb 2004 and now looking around for a mortgage,but most seem to want at least 10% deposit,if anyone knows of any better deals be nice to know,I earn about £30k

medion

Thanks for your replies. The defaults were for HP on two cars over 4yrs (1 was an illegal repossession as we had paid more than the set amount in the schedule where repossession could take place). The original loans were c£3K each. I have been told i am classed as a key worker and poss try this route but have heard differing information on this.

herbiesjp

Being a key worker may open certain doors for you, however the defaults will cause problems.

The fact they are over 4 years old may help to a certain extent, and may mean you could start to look at normal mortgage rates with some lenders - I stress may.

Best bet is to get a copy of your up to date credit file and have a word with a whole of market mortgage adviser, and let them look around for you based on your individual circumstances

HTH

JoeK_3

Wafoo wrote: »

Same thing for me,completed my IVA in Feb 2004 and now looking around for a mortgage,but most seem to want at least 10% deposit,if anyone knows of any better deals be nice to know,I earn about £30k

Maximum loan available would be 90% LTV I'm afraid.

JoeK