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£20K deposit but bad credit history

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[Deleted User]
[Deleted User] Posts: 7,175 Forumite
Part of the Furniture 1,000 Posts Name Dropper Photogenic
in Mortgages & endowments
How likely would a mortgage be accepted say with a £20K deposit on a sub £70K property with bad credit history? Late payments and some defaults.

Deposit money from inheritance.

Comments

  • inmypocketnottheirs
    inmypocketnottheirs Posts: 4,745 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Earnings? Employment history? How old are the late payment/defaults and how much are they for?
    Don't lie, thieve, cheat or steal. The Government do not like the competition.
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  • [Deleted User]
    [Deleted User] Posts: 7,175 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    inmypocketnottheirs wrote: »
    Earnings? Employment history? How old are the late payment/defaults and how much are they for?

    Employed, defaults over last 3 years range from couple hundred to £3000.
  • ACG
    ACG Posts: 24,555 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Speak to a broker, with the age and deposit it should be possible. 2 lenders in particular im thinking of are not available on the high street and 1 only deals with brokers.
    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.
  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    You may find more options with a more expensive property, 75k plus.

    Have the defaults been satisfied? Are you paying towards them?
    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.
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