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Right to buy mortgage, bad credit?
Stephenh1
Posts: 2 Newbie
I am currently living in a 1 bedroom council flat, and have been for 6 years.
I have recently come into some money, so instead of sitting it in the bank I wish to invest it.
My flat is worth around £110k, I will be eligible for a around a £55k discount and I have 30k for a deposit.
So I only really need a mortgage for 25k.
My salary is around 24k a year.
Biggest problem is that I have terrible credit rating.
I have a CCJ on my credit file (which has now been paid) and around 4 defaults (all cleared).
Even tho the amount I plan to borrow is much lower than the equity of the property, will I likely be turned down for a mortgage?
Thank you
I have recently come into some money, so instead of sitting it in the bank I wish to invest it.
My flat is worth around £110k, I will be eligible for a around a £55k discount and I have 30k for a deposit.
So I only really need a mortgage for 25k.
My salary is around 24k a year.
Biggest problem is that I have terrible credit rating.
I have a CCJ on my credit file (which has now been paid) and around 4 defaults (all cleared).
Even tho the amount I plan to borrow is much lower than the equity of the property, will I likely be turned down for a mortgage?
Thank you
0
Comments
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When were the CCJ and defaults registered?I am a Mortgage BrokerYou should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The CCJ was 2014 and all the defaults where 2012.
Many thanks0 -
Possible, but I'd expect to get hit with higher rates.
That said, if you're only borrowing £25k the difference in monthly payment between a high rate and low rate could be negligible.I am a Mortgage BrokerYou should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Hi,
I just wanted to suggest you ask for some advice/do some reading about possible maintenance charges for an owned council flat and for your block.
I think if the council undertake a repair program you will be billed for your share of the work which could be difficult for you. Make sure you are fully aware what you are letting yourself in for.
Tlc0
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