Bad Credit, 100%+ mortage, possible?

Whats_my_age_again

Hi, me and my partner are looking to purchase our first home - something around the £100k mark. However its not that easy....
My partner has bad credit - she has moved around alot in rented accommodation and has had a few misses payments, etc and her score on the three main agencies is around 500. Also has about £4k in debt

We would also be looking for a 100% + mortgage even as much as 125%, is this possible? We do not have much in the way of a deposit but if push came to shove we could possibly get 10,000 from one source, although preferably not if we can help it.

As a side note repayments would be easily affordable as we are both on good wages and my partner is in the medical profession too, which should help when it comes to assessing us.

Inactive

Couttsy wrote: »

Hi, me and my partner are looking to purchase our first home - something around the £100k mark. However its not that easy....
My partner has bad credit - she has moved around alot in rented accommodation and has had a few misses payments, etc and her score on the three main agencies is around 500. Also has about £4k in debt



As a side note repayments would be easily affordable as we are both on good wages and my partner is in the medical profession too, which should help when it comes to assessing us.

Obvious question, if you can easily afford the repayments, how come your partner still has 4K debts?

I would make every effort to clear that debt before considering a mortgage.

Whats_my_age_again

that debt will be cleared just a case of whether keep making the repayments and keep 4k back for a deposit or whether to clear the debt and forgoe having the 4k to pay towards a deposit, fees, etc

han2505

Me and my partner have just bought our first house and he had bad credit as well. Missing payments and arrears.

We had a bit of debt about £6k between us (£3k of that will be gone by the time we move in), but we managed to get a mortgage. We have had to go interest only for 2 years, but we would have only paid off £1k off the mortgage in that time anyhow so we will pay it at the end when we remortgage.

I'm not going to say that yes you will get one, but we got help and we got a new build home where they paid 5% deposit for us as well and it has def helped us. i would say keep looking, you may have to pay more but something will come up.

As long as you can afford it then dont worry, something will turn up eventually.

Whats_my_age_again

just bumping this up. Is there any lender were we can get a mortgage of 100%, there are a good few arrears in the past - double figures but they are from a good while back. There have been none in the last six months, and affordability of mortgage is not an issue.

riad_2

best person to ask is a mortgage broker mate... they'll know off hand who is likely to accept you, and they should call their contacts for each lender to informally ask if you would be accepted... that way it avoids numerous credit checks if u were to just walk down the high street!