Bad Credit Mortgage

David_White

Not a straight forward case by any means and it will most certainly come down to the finer detail.

Ignore the online calculator as 2% is not at all realistic if you have 3 defaults registered last year.

As largely suggested above you should engage a bad credit mortgage specialist who will tell you if and when a mortgage is possible.

[Deleted User]

amnblog wrote: »

One default - not three

Well, quite. Hence why I wouldn't tryst an online calculator telling me 2% if I had three fairly recent defaults.

Northernpauper

The defaults are all around £200 each and were registered around July last year. I have a £1500 overdraft and 3 credit cards. 2 bad credit ones (Luma and Vanquis) and a Tesco bank one. Other than the rough patch last year my credit history only stretches back probably 3 years I had no credit before that.


To the person that got approved with one default. Did you have any introductory period at all or straight in at that rate?


The 16250 is salary no bursary included.


Would a 20% deposit make any difference to rate?


I don't think I'd be comfortable with anything more than 7% to be honest. The mortgage payments would be encroaching on what rent would be with additional costs such as insurance and maintenance.

[Deleted User]

A 20% deposit would mean you’d be borrowing less, not sure if it would make a huge difference to the interest rate though. A broker would be better placed to advice based on your specific situation. Our 6.99% is fixed for two years, after which time it drops to be considerably less, but then I should hopefully be able to re-mortgage to a high street rate.

amnblog

Lenders working with 15%, 20%, or even 25% deposit, are not interested in three defaults in the past 12 months.

You might have some options in August if you keep your nose clean.

Northernpauper

AMN are you a bad credit or mainstream mortgage broker or is there even such a thing as you cover all the market!? August is fine to be honest as that is when I would have the 15% saved.


The defaults are still unsettled. Will this make any difference. Should I use some of my 4K to settle them? Will this make any odds on the date or will it still be original date of default. Sorry I know this is straying into debt advice territory.

amnblog

We do bad credit cases every day. Pay everything in full and on time and pick matters up in August.

Pay the defaults to stop them becoming CCJs.