Mortgage with a weak debt record

Baz_500

My son had a poor debt record in a previous relationship, but all debts were settled when they split up. He has recently married and has inherited a sum of money, adequate for a 50% deposit on a new home loan.
Because of his poor credit ratings, what sort of mortgage interest rates could he expect to pay to any lender. We would like this information up front before we start looking for suitable family homes.

Thanks Baz

ACG

What do you consider bad?
Without knowing anything about the debts, CCJ's, Defaults, Late payments, missed payments, how much, when etc its impossible to say.

With a 50% deposit i would imagine something is possible, but until we know more its impossible to say.

TheITguy

I would say he would need to work on fixing/improving his credit ratings. Contact Equifax/Experian for his credit report to see what information they have on file at the moment...

Then ofcourse, the other option is to contact a lender directly. Do a mortgage search online on comparison sites/bank sites.. Once you 've found the best rates (which they assume are on a good/decent credit score), meet with the bank directly and explain the situation in more detail and see what they say..
Mind you, if they start keying in information into a Computer it will most likely lead to them running a Credit Check against his name... You might want to tell them up front NOT to run a credit search.. but that you are just seeking information...

Gary123456790

Hi,

It is pointless to compare rates online as they will be based on a good credit history. Best to find a good local broker and find out what they can offer you. If you approach banks direct this will just result in lots of credit searches on you and declines.

Without all the details no-one on here can give you a good indication other than to say, as above, that with a 50% deposit something should be possible.

Gary.