Bad credit mortgage

[Deleted User]

Hi guys, finally cleared all my debt! Long and painful process.

It’s time i got on the property ladder, so my question is, is there any lenders that accept bad credit applications? My ‘lend rate’ is also low (meaning I can’t get credit cards etc).

So I’m in two minds whether it’s worth me talking to a mortgage advisor, or just sit patient for the next year and a half while my credit increases.

Thanks.

[Deleted User]

Not nearly enough detail to say. Bed credit runs from a missed payment to bankruptcy.

See a broker to go through your options, but use a good one, not one out of an estate agents..

Craig1981

do you have defaults on your file? ages of them? how many?
what % deposit would you have for a mortgage?

as ZX81 says, see a broker, but if you cant get even get a credit card, doubt a mortgage would be successful,

PixelPound

It's not about your credit limits, but about those "bad" things showing on your credit file, e.g. defaults. There are a few places you can find lists of mortgage advisors. Make sure you go for a whole of market one and phone up several to see what they say.

It may not be as bad as you think, but you will get varied answers (one that says they specialise in bad credit mortgages may not be the best for you, they may be, but don't assume they will)

foxy-stoat

If your deposit is high enough then you will have options.

[Deleted User]

Defaulted payments

[Deleted User]

Yes I have two defaults, 1 is one year old, and one is 5 years

[Deleted User]

Amounts?

They will have less of an impact over time though

[Deleted User]

Both are around £800 in total

welly_59

check out these links for eligibility criteria of a bunch of bad credit mortgages:

http://www.vidahomeloans.co.uk/docs/default-source/lending-criteria-and-rates/residential-rate-sheetfa75c55af3376b73ad91ff0000f6c438.pdf

https://www.themortgagelender.com/wp-content/uploads/2018/06/Resi-Product-Guide-Reprice-June-18-FINAL.pdf

https://s3-eu-west-1.amazonaws.com/pdf.precisemortgages.co.uk/00833_ho_criteria_guide_v28_8.pdf

https://www.metrobankonline.co.uk/globalassets/documents/customer_documents/intermediaries/mortgage-lending-criteria-06.17.pdf

https://s3.eu-west-2.amazonaws.com/magellan-cdn/MHL_Product_Guide.pdf

welly_59

http://www.kentrelianceforintermediaries.co.uk/residential/near-prime?