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Bad credit mortgages
SomeUser
Posts: 197 Forumite
My credit history is poor, no defaults or CCJs but poor payment history. I took a large pay cut to change career and racked up debt and then struggled , but I'm now on the up.
I'm being gifted a large sum of money meaning that I'll have about 30-35% deposit after paying off all debt including student loan.
I'm looking to borrow a max of 3.5 times my salary - no affordability issues, especially when I have no debt.
Can anyone recommend a good broker?
Another option is that my debt gets paid off, my mum buys the property on a buy to let mortgage for 2 years, then it's transferred to me once my credit history has been straight for a couple of years. It seems straightforward to me - is there anything I need to consider about this option?
I'm being gifted a large sum of money meaning that I'll have about 30-35% deposit after paying off all debt including student loan.
I'm looking to borrow a max of 3.5 times my salary - no affordability issues, especially when I have no debt.
Can anyone recommend a good broker?
Another option is that my debt gets paid off, my mum buys the property on a buy to let mortgage for 2 years, then it's transferred to me once my credit history has been straight for a couple of years. It seems straightforward to me - is there anything I need to consider about this option?
0
Comments
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Where is the gifted deposit coming from?
Are you planning on living on the property with your Mum having a Buy to Let mortgage on? If so it is a regulated BTL and not many lenders do it.
Also where would the deposit be coming from?
Get copies of your credit reports to a broker. Your deposit will overcome many issues.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 -
With a 30% deposit i would be very surprised if you can not get a Mortgage. Depending on your credit reports it could be a normal rate or closer to 5-6%.
As GMS suggests i would get copies of your credit reports and then use google maybe to look for a decent whole of market mortgage broker. I would avoid estate agent based brokers but i would be pretty confident this can be placed.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 -
My mum is selling a property currently rented and gifting a deposit each to me and my brother. If I find a property in the meantime, she's received an inheritance. I've just split up with my boyfriend and I'm living with her and her partner so I think everyone wants things to move pretty quickly!
Is it best to pay off all the debts and close accounts first, then see a mortgage broker?
As a side note - I'll keep a single card account with a £250 limit, for credit purposes0 -
Hi, as confirmed above achieve your Experian, Equifax and Call Credit reports to a broker.
Paying off the debts in advance may well be the right option, but unlikely to cost you anything to sit down with a broker in advance..
Good luckI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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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