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£20K deposit but bad credit history
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[Deleted User]
Posts: 7,175 Forumite
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.
Deposit money from inheritance.
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Comments
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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.
The Lord Giveth and the Government Taketh Away.
I'm sorry, I don't apologise. That's just the way I am. Homer (Simpson)0 -
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 £3000.0 -
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 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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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 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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