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Bad credit. First mortgage
Blisty22
Posts: 2 Newbie
Looking some advice. A few months back i was left a house with half an acre of land. Basically I've applied for planning permission to extend the house and I'm looking for a mortgage of about 45000. My earnings are 25000 pa and I've no dependants. My credit score is poor on experian and call credit . I have a few satisfied and non fully satisfied defaults that are due to drop of my file in may, July and November of this year. Credit wise after that all I have is a bank account and a mobile phone contract. I don't have a deposit as I'd be using the house as equity. It's worth about 60000 in current state. I haven't been to a broker yet but I'm told I'm going to struggle to get a mortgage with my score and defaults. Can anyone help? Thanks in advance
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Comments
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Why not wait....?
Live in the gifted house mortgage free for 12-18mths, save, build your credit status and then apply for mortgage.....
BF0 -
The house is currently in need of a lot of work which means I'd have to borrow a good sum of money to do it up to live in it. It would be less expensive to extend and renovate as such.
Also type of mortgage. If I own the house am I looking a self build or mortgage to renovate? Is there a difference?0 -
It's a remortgage of an uncumbered property and most lenders won't lend until it's been in your ownership six months or longer.I am a mortgage broker. You 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. Please do not send PMs asking for one-to-one-advice, or representation.0
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Another vote for "wait". In the meantime also get a credit card (with a low max borrowing value) so you can establish a record of paying it off every month.0
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My credit score is poor on experian and call credit
That's OK as you will not be applying to either company for a mortgage.I have a few satisfied and non fully satisfied defaults that are due to drop of my file in may, July and November of this year.
With your history you need to see a mortgage broker. They are far more likely to find the right solution for your circumstances. Although non-satisfied defaults will be an issue.0
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