Bad credit mortgage

civil12345

Hi, I'm trying to find out about bad credit mortgages. I have a CCJ and several defaults. Is it possible to get a motgage at a bad rate for a few years then something mainstream when my credit is ok? I know this is a big topic but just looking to get started.

kingstreet

Possibly.

Age of adverse and amount of deposit/loan to value percentage will determine the outcome and rates available.

ACG

The date the defaults/CCJs were registered is the big one.
Size of the deposit (as a percentage of the purchase price) is the other big question.

If you can answer those, we can give you a fairly accurate idea.

civil12345

I was looking at the middle of next year. Most defaults 2012-14 with CCJ 2015. Deposit around £15k and value around £100-125k. Where can I go to even find out if it's going to be an option?

ACG

You should have options from what you have said.
Possibly high street, possibly a little above. That will come down to the finer details.

I would get your credit reports infront of an experienced broker.

civil12345

OK that's really helpful. I guess there isn't a price comparison type site that would be good for this?!

ACG

Not really, this is not your cheapest deal gets the business kind of case.
I would say if you work on the basis of a rate of 3%, you are probably not going to be a million miles out.

But again, that is only based on limited information.