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Mortgage with bad credit rating?
julesp_81
Posts: 8 Forumite
Hi. I'm looking for some advice. My partner and I are looking to move to a bigger flat/house and are hoping to get a joint mortgage. However I have a poor credit rating at the moment including 1 default. I'm currently in the process of trying to pay off several credit cards. My partner has a good credit rating and we have a reasonable deposit (savings and help from parents) and well as reasonable salaries - joint income of 65k. I'm just worried about whether I will be declined due to my credit rating? Is there anything I can do? My Dad acting as guarantor for me is also a possibility. Any advice would be much appreciated!
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Comments
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Guarantor mortgages are there to overcome income issues not adverse - so i dont think thats the way forward.
What bad credit do you have? CCJs/Defaults/Late or Missed payments, when were they and how much?
How much are you hoping to purchase for and how much will you have to put down as a deposit (not including any fees etc).I am a Mortgage AdviserYou 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 -
No CCJ's, one default on a credit card (on a payment plan to repay) and a few late payments within the last year but all up to date now and I'm making a concerted ever to pay them all off.I have credit cards totalling 13k. All closed apart from 1.
We would be looking to purchase for around £150,000 and hope to have a deposit of £20k0 -
If the payment plan is showing as a default each month then your going to struggle. If the default has a date of over 2 years ago then you might have a chance but you will need a broker.I am a Mortgage AdviserYou 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
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As a first step would you suggest clearing the default then?0
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