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Anyone have a "BAD CREDIT MORTGAGE"? How much does it really cost??

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jonnym8083
jonnym8083 Posts: 303 Forumite
Part of the Furniture 100 Posts Name Dropper
in Mortgages & endowments
Ok so I'll try and be brief. Currently on a dmp and have inherited money. I'm paying off all debts. I have around 8 defaults all going on at different times. Last one around year ago. I'm looking for a mortgage as want to put money to good use looking at around 100k house with 50% deposit. I know I'm gonna have to see a broker just wondering what to expect really a month and application fee??

Also does application fee go ontop of mortgage or is that an upfront payment?

Am I likey to get a mortgage or is it best to wait till defaults are couples years old?
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Comments

  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    No way of knowing re costs unless we understand the background of your case.

    You may be fortunate to get any lending. I don't think rates and fees are going to be the main issue.
    I 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.
  • jonnym8083
    jonnym8083 Posts: 303 Forumite
    Part of the Furniture 100 Posts Name Dropper
    What do you need to know I can tell you
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    You cannot 'tell me' Jonny.

    Assessing your case correctly requires all the documentation and several hours work.
    I 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.
  • jonnym8083
    jonnym8083 Posts: 303 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Sorry.. Well what u think will be the main issue the defaults?
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    All your history indicates that you are a poor risk Jonny. Not just on a single occasion but multiple times over an extended period.
    I 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.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Your deposit ensures there is likely to be a solution to you buying. The detail will determine your rate and fees, although you may want to ensure any fees are only payable on mortgage offer/completion (aside from lender application/valuation fees)
    I 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.
  • jonnym8083
    jonnym8083 Posts: 303 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Yes good point about completion. Well the dmp has meant all creditors defaulted however all at different times. So all relates. As it would be me and partner could my partner get I their name then add me on later?
  • ACG
    ACG Posts: 24,558 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    The deposit is coming from you so that is unlikely.

    As dave says, there should be a lender at 50% LTV. I would expect nothing more than around 7.5-8%, but there may be lower rates available depending on the circumstances.
    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.
  • jonnym8083
    jonnym8083 Posts: 303 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Ok all seems good news I'm not at a brick wall
    Anyways.
  • jonnym8083
    jonnym8083 Posts: 303 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Can I just ask I presume I'd just take mortgage for 2-3 years and renegotiate better deals as credit improves?
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