Big deposit/poor credit.

ourkidsdad

Hi All.

Bit of long one, but here goes.

My situation is that i am a joint owner of the property i live in, the other owner being my mother.

No mortgage so my part worth 75k (ish)

I have around 120k in savings and various investments i can get my hands on.

I work full time, been employed with multi national company for 15+ years, earn 40k + overtime/bonus etc.

Now a house has come up for sale, or is just about to that i want, around where i live they go pretty fast so id like to get cracking.

Never had a mortgage so dont know a great deal about them.

In an ideal world id like to put down up to 3/4 deposit on this house (which i have in hand), but would need a mortgage for the remaining quarter.

All good so far.

Alas i have the worst credit history in christendom, i was bankrupt 9 years ago due to a relationship from hell, and ever since ive deliberatly ignored my credit file as i vowed never to touch credit again, and havent, nor have i need to, until now .

I also have a ccj from the water company that i missed due to being away on buissness that i payed up when i found out but is still on my file.

So in a nut shell, what are my chances of getting a ten year mortgage for 1/4 of the value of the house?

Many thanks.

ACG

There will be lenders.

Speak to a broker and I am sure with a deposit that size nd decent affordability you will be fine.

ourkidsdad

Affordabilty is fine, no debts, no rent etc just bills.

Im left with around £2200 a month disposable income.

Can you advise who to approach first?

ACG

friends and family? They may know of a broker maybe.

The reason I am suggesting a broker is because it may or may not be a high street lender. It will come down to the finer details, a broker will know what to look for.

antrobus

ourkidsdad wrote: »

....My situation is that i am a joint owner of the property i live in, the other owner being my mother....

You are going to have to budget for that extra 3% stamp duty if you already own a property.