Bad credit mortgage - what is possible? Anything?

VacheEspanol

So I have a terrible credit rating...but my partner has an excellent one. And we'd like to get a mortgage together. Do we have any chance?

I have a property from before we got together. I did have arrears on this mortgage but have (recently) cleared them.

My partner has a loan and small balance transfer credit card. I cleared a large loan and credit card bill last year.

Between the sale of my flat and other saving we should have around 10-12% for a deposit.

Is it likely that anyone would lend to us? Are we better off going through a broker? And are there ones that specialise with poor credit ratings...

To further complicate things, I'm on a fixed contract.

Any advice welcome

Foxy-Stoat_3

Speak to a whole of market broker, they will be able to say if your level of deposit is high enough.

I would of thought 25% would be the likely minimum with 6 months clear credit history behind you.

gazfocus

To be honest, it doesn't sound good. I would say you're biggest issue is going to be your recent mortgage arrears. This will ring instant alarm bells to any prospective mortgage lender.

Is there any way you could afford the property you want if it's in just your partners name? That may be the only way forward.

Dave_Ham

Mortgage Arrears is certainly the biggest hurdle here, although worthwhile achieving your Experian, Equifax and Call Credit reports to see how the arrears have been manifested.

Good luck

Foxy-Stoat_3

I wouldn't pay for meaningless credit scores though, just the reports.

koexelek

gazfocus wrote: »

To be honest, it doesn't sound good. I would say you're biggest issue is going to be your recent mortgage arrears. This will ring instant alarm bells to any prospective mortgage lender.

Is there any way you could afford the property you want if it's in just your partners name? That may be the only way forward.

as above.

No disrespect, but with a credit profile like that ( appreciate your honesty though) you are almost certainly completely out of the picture yourself:(