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Self Employed Bad Credit Mortgage
nicholasuk
Posts: 31 Forumite
Ok, i have two years books currently.
One year 8.5k profit , second year will be around 17k profit but possibly higher because i don't think i can use some receipts
I have bad credit history , two defaults. currently have 2,400 default thats maybe 5 and a half years old , unpaid, and a default of a similar age of £700 which i paid off a few months ago.
I have two credit cards, one is £1250 and i've been paying that on time so i guess that's something going for me, and my usage of it is usually £600 a month so it's not like i'm maxing it. And a smaller card of 300£ which i've always paid but think i have a missed payment registered for that.
Im currently renting off a family members partner and the property has to be sold because the mortgage expires towards the end of the year.
I want to try and get a mortgage, i was wondering if gifted deposit was an option firstly, she's my dads partner but not related to me.? Is that a realistic option? and do you think a 3.5 / 4x multiple is possible on the earnings ?
The property needs work and is soon to have new windows, the bathroom will be brand new soon. It a relatively decent place. Mortgage owing is 75k or a little less.
Any thoughts very welcome.
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Comments
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It should be doable, but you are going to need to sit down with a Mortgage Broker I think as it will not be the easiest of mortgages to place.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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
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It should be doable, but you are going to need to sit down with a Mortgage Broker I think as it will not be the easiest of mortgages to place.
Doable :money:
If i was to get offered a mortgage in principal, and lets say my credit history improved due to the defaults expiring later in the before i went through with the final process, can the agreement be edited to allow for the improvement in status, or does it all have to be started over again ?0 -
There is no need to redo a DIP until you are ready to make an application. Too many DIPs can have a negative effect.
Do your DIP when you are ready to start looking.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, 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
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