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

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  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
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    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
    jonnym8083 Posts: 303 Forumite
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    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
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    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
    jonnym8083 Posts: 303 Forumite
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    That's what I thought thanks for confirmation
  • jonnym8083
    jonnym8083 Posts: 303 Forumite
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    Has anyone had any success getting bad credit mortgages and with what company?
  • ACG
    ACG Posts: 24,588 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    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).
    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
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    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
    Triolette Posts: 15 Forumite
    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
    jonnym8083 Posts: 303 Forumite
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    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
    jonnym8083 Posts: 303 Forumite
    Part of the Furniture 100 Posts Name Dropper
    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
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