Adverse credit mortgagr

Kopkings84

Hi me and my partner are looking for a mortgage towards the end of the year.
Combined we have a income of around £30,000 pretax and have around £4,000 so far (looking for around £4,500-£5,000 for 5% deposit).
I have a lot of missed payments with the last one been middle of last year, I am debt free now with one credit card to build my credit.
My last score was around 530.
My partner has had some credit the past and paid everything on time but nothing last 5 years.

My question, is it worth applying this year or go back to renting while we slowly save for another 5%?
Any information would be helpful
Stephen

amnblog

You will have very few options with patchy credit and a 5% deposit.


If the limit of your problems has been the odd missed payment, you may get lender, but you might not like the rate.


If you have accounts that have gone into default your 5% deposit is likely to be too modest.

Kopkings84

Thanks for getting back to me so fast, by the time we are ready to apply it will be 2 years with only 2-3 missed payments. We talking 5-6% or higher?

Senior_Paper_Monitor

Devil in the detail !!! Get your credit reports in front of a broker and have a discussion about what will be possible and when.