High deposit but BAD credit mortgage?

MrsBump_2

Hi! I’m new here but I’d like some advice please if possible.

I was made bankrupt in 2010, so a year in May and it’ll be off my file, but since then I haven’t done any work repairing my credit file (I have no debt) but it’s still ‘poor’.

We have a big deposit (roughly 80% of the value of the house), and need a mortgage for the remaining 20%.

It will be just me applying. I work part-time but am going full-time and I’m wondering what my chances are of getting a mortgage?

Any advice please?

ACG

It wont be off your file in a year and will always need to be decalred with most lenders.

Speak to a broker, I would be pretty confident with that sort of deposit there will be some high street options but not every lender will be interested.

MrsBump_2

Oh wow. Thank you. I didn't know that. I thought it was only visible, and needed to be declared for 6 years!


I will seek a local broker. They usually do a free initial chat, don't they?

Foxy-Stoat_3

Any chance of buying a property outright for 20% less = no mortgage !

MrsBump_2

Sadly not. The price band we're looking at is a really sticky one where that additional 20% makes a difference between a house that is habitable and one that isn't.

somethingcorporate

Any chance of waiting until that extra 20% is saved?

MrsBump_2

Unfortunately not. We currently have a family of 3 living in a one bedroom park home. We'd LOVE to stay mortgage free but it's just not going to happen.

ACG

Brokers will do an initial chat yes.
You should be fine at 20% LTV. Its a few years old and you have a cracking deposit. Assuming the figures stack up and everything else is ok you should be ok.

MrsBump_2

Thank you ACG. I'll get on to arranging a consultation