Bad credit Mortgages

patonr95

My partner and i are looking to buy our first home,

I have a bad credit rating but my partner doesnt.

Will we get approved for a mortgage through the bank ??

foxy-stoat

On the information - no idea.

Good news is that your dont have a credit score, only credit history.....so what is bad on your report?

How much deposit have you saved up?

Thrugelmir

Speak to a mortgage broker and ascertain what options you might have.

kingstreet

You could try the three "Bs";-

the bank
the building society
the broker.

You might get lucky if you happen on the right one of the first two options but if not, the third, being independent of the first two might just have options you can't find...

ACG

Why do you have a bad credit?
Late payments/defaults/CCJ/limited history/combination?

We need an idea of what is causing the problem. If it is just limited credit history you should be ok to get normal rates.

If you have defaults/CCJs then it will depend on when they were registered, how much for, whether they have been satisfied and what percentage deposit you have.

It is probably a good idea to get your credit reports in front of a broker.

JasonHand

I'm happy to share my experiences with this. I have / had a shocking credit report. I had a number of defaults prior to 2017, pay days loans prior to 2017 and missed payments over the same period.

After selling my house at the back end of 2016 I was able to clear all the debts off and have around 15% deposit for a mortgage. But I still had to wait 18 months for all the horrible stuff to go into the past.

And I still had to go through a broker and still had to get a lender who dealt with adverse credit.

So it does all depend on why you have a bad credit rating. But I have finally managed to get a mortgage offer but it just took a bit of time and patience.