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

Thrugelmir

jonnym8083 wrote: »

Can I just ask I presume I'd just take mortgage for 2-3 years and renegotiate better deals as credit improves?

Lenders don't negotiate. However time will repair your credit record.

jonnym8083

Ok what I mean is I won't have to sign up for 25years at 8% surely I can swap around as credit improves

Thrugelmir

jonnym8083 wrote: »

Ok what I mean is I won't have to sign up for 25years at 8% surely I can swap around as credit improves

Yes, wider options will become available.

jonnym8083

That's what I thought thanks for confirmation

jonnym8083

Has anyone had any success getting bad credit mortgages and with what company?

ACG

Yes otherwise they wouldnt be in business :-P

Sit down and speak to a broker. We could all tell you we have had mortgages that have gone through or not - it has no baring on your application.

If you sit down with a broker they will do a factfind, hopefully request all 3 copies of your credit report and speak to the lenderS (there is more than 1 who would consider this).

jonnym8083

Oh gosh yh I understand about the broker side was just seein really if I was going to get a reply such as "hell no you don't stand a chance of a mortgage"
And also if ppl have been in similar situation had any advice such as to wait a year or so or whatever before seeing a broker.

Triolette

Would it be better to pay off all your debts with the inheritance and start afresh with saving for a deposit?
The time it would take would allow your credit history to improve?

jonnym8083

Yes debts are paid and have a deposit left for property plus some spare for doing house up and good etc don't wanna get mortgage and put all money down to end up having items on credit cards etc

jonnym8083

My only concern was defaults and wondered regardless of income outgoings etc if anyone would consider even my income outgoings with the defaults or
If it would be just flat blank refusal due to defaults