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Bad Credit but Big Deposit
moneynoob
Posts: 2 Newbie
Hi,
Starting the house moving process, and need some advice on mortgages before I start trying to apply.
We have a bad history over the past 3-4 years - the majority of it should be on my credit record with lots of missed payments resulting in 4 defaults (2 CC, Loan and Overdraft) these are currently in the process of being paid by monthly payments but obviously the credit record is pretty grim.
Anyway I have decent income of £30k and no mortgage on our current house which should sell from £330k.
Given that I will need to keep aside £25k of this to clear all outstanding credit and the given stamp duty etc we should have a deposit of roughly £290k. We are looking at buying a similar property at appox £330k so will need to take mortgage of approx £40k. Should this be a problem?
Thanks for your advice.
Starting the house moving process, and need some advice on mortgages before I start trying to apply.
We have a bad history over the past 3-4 years - the majority of it should be on my credit record with lots of missed payments resulting in 4 defaults (2 CC, Loan and Overdraft) these are currently in the process of being paid by monthly payments but obviously the credit record is pretty grim.
Anyway I have decent income of £30k and no mortgage on our current house which should sell from £330k.
Given that I will need to keep aside £25k of this to clear all outstanding credit and the given stamp duty etc we should have a deposit of roughly £290k. We are looking at buying a similar property at appox £330k so will need to take mortgage of approx £40k. Should this be a problem?
Thanks for your advice.
0
Comments
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Absolutely not.
See a whole of market mortgage broker.
It should be a breeze.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
How did you end up in financial difficulty with so much equity in your home?I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
MortgageMamma wrote: »How did you end up in financial difficulty with so much equity in your home?
Maybe they decided not to spend that equity, and struggle along, unlike many.0
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