Bad Credit Mortgage Advice

Rebocalucy

Hi all,

Would really love some mortgage advice if possible ! I’m sorry if this becomes a long post !

I bought my first house 8 years ago and currently have a mortgage with Halifax. Around 4 years ago I was made redundant from my previous job (I had only been there a year) and fell into a payday loan trap (early 20s single female with no one to rely on, young and dumb!) and ended up with 6 defaults and a CCJ ! I went back into full time work soon after and got straight on a debt management plan, all my defaults show as around 3 years old. Fast forward and I have now just finished my DMP, I have a beautiful one year old daughter but the house is so small I desperately need to move. Due to personal reasons my partner will not be joining me named on the mortgage but will be contributing to household bills as he does now.

So my overall question is, is there any chance of me getting a mortgage with anyone ? I will have at least 30% deposit after the sale of my home. I have been in my full time employment almost 4 years. I haven’t missed a single payment since and no mortgage arrears today debts since. I am now debt free and have saved a few thousand ready for moving but after reasearch I’m not sure I can with my defaults ! Thankyou

YHM

Based on your deposit size, you should have options, just not at high street interest rates.

Contract a good broker and they should be able to find you an appropriate lender.

Rebocalucy

Thankyou for your reply, I have been looking at Kensington but yet to find a mortgage broker that doesn’t charge huge rates and specialises in bad credit

enthusiasticsaver

If you have defaults and ccjs which have not yet dropped off your record then you may find difficulty getting a mortgage at an affordable rate. Having a large deposit and no debt now will help. I think approaching a broker who specialises in bad credit records is a good start. How would you feel about selling up and renting somewhere bigger until your credit record has repaired?

YHM

Brokers who specialise, can and do charge a premium. So it depends on whats more important, not wanting to pay for specialist advice or buying your next property.

Remember though, brokers don't dictate the interest rates, its the lenders that price according to risk.

Rebocalucy

I really wouldn’t want to rent at all, it’s so deflating . I’m happy to pay for a broker at a reasonable price, moving is very important to us. Maybe I should put my feelers out but looking at some brokers they charge to give advice

matbe

Try London and Country

They deal with Kensington.

Rebocalucy

Thankyou, I will see if I can get some advice before putting the house up for sale.