Bad credit mortgage Deposit

Katielou14

Hi, just some advice on how much deposit is needed for a mortgage with bad credit.

Not even sure if we will be able to get a mortgage but just looking for some advise on how much we are likely to have to save.

Anyone on here successfully had a mortgage approved with bad credit?

Thanks

ellyp95

Hi

I'm a first time buyer currently waiting for my mortgage application to go through, so I don't know much! But, my credit isn't amazing and I was told with a 10% deposit (which is what we have) it should be easier to have the mortgage approved, even with poor credit.

We have had our credit checks done before we put in the application yesterday and came back fine so maybe to do with having a 10% deposit or could be to do with the lender - different lenders have different criteria for borrowers to be within.

Hope this helps a bit!

HappyMJ

Katielou14 wrote: »

Hi, just some advice on how much deposit is needed for a mortgage with bad credit.

Not even sure if we will be able to get a mortgage but just looking for some advise on how much we are likely to have to save.

Anyone on here successfully had a mortgage approved with bad credit?

Thanks

How bad is your bad credit? Just a few late payments or defaults? CCJ's? An IVA, DRO or Bankruptcy?

If you've just got a few late payments or defaults which are over a year old then you've got a very good chance of securing a mortgage with a good interest rate and low deposit.

Katielou14

I've got a default on current account overdraught from 2011 but my husband has a CCJ from 2013.

Thanks for the replys!

MortgageMamma

the credit won't be a problem, but there are other factors that need to be considered before you can be sure who the right lender is

age
working status (employed. self emp, contractor, zero hours etc)
how long in current role
how much outstanding debt
source of deposit
term of mortgage
affordability I,e, how much can you comfortably afford to lend/pay back
type of property (some lenders won't lend on particular types of construction or require different deposits for new builds)

the list goes on and on. Have you taken advice from a mortgage broker?

amnblog

The credit will be a problem. Sounds like you will need a specialist lender and broker and a 15% deposit.

David_White

I'm with amnblg on this one... a CCJ from 2013 very much is a problem for many lenders.

Most likely you will need to use a lender off of the High St with a 15% deposit.

Engage a broker that deals in adverse cases for more detailed information