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

shireknight

No idea if this helps or not but I took out what I would call a bad credit mortgage in 2004 (I had a CCJ and a couple of other fairly large outstanding long term debts) and I recall that I worked out I was paying around a 3% higher rate than I could have gotten from a normal bank.

I took out a 3 year fixed rate deal with the company called "The Mortgage Lender (TML)" and then at the end of the term my credit rating had improved to the point that a mainstream bank would now give me a mortgage so I moved over.

Thrugelmir

jonnym8083 wrote: »

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

Then wait a while and build your savings. Don't waste the opportunity to turn your lives around permanently.

buglawton

How about seeking out a decent shared (with housing assoc) ownership deal and paying cash, no mortgage?

jonnym8083

I've been looking on rightmove at 50% share but who owns other half normally and what can I change in property if not my own.. Just decorate?

buglawton

I have seen quite a few posts around by people in shared ownerships discussing successfully buying the other half out... once they are ready and better off.

Regarding what can you change, I think you just submit your plans to the HA for approval. Again there are posts around by shared owners having done loads to their place.

Most of the time the other part is owned by the Housing Association I'm no expert here. Maybe there'll be one along to explain more about how shared ownerships work and and the pros/cons.

jonnym8083

Yh hopefully someone come along. My only concern is that although I'd struggle to get a mortgage with credit would they consider me having a full 50% deposit

ACG

Shared ownership will narrow down your choice of lenders massively.
I dont think any of those lenders really look to accept adverse.

jonnym8083

I don't need a lender put cash for part buy