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Mortgage advice with bad credit
markp85
Posts: 1 Newbie
Hi all, first post here and I'll get straight to the point.
My wife and I are looking to move and gain a mortgage. We currently live in our house which is to be sold for around £230K, and is soley In her name, her mortgage etc however I am on the Electoral roll, council tax bill etc. She has a perfect credit score and history, no late payments, defaults, and great credit utilisation. I however have a terrible history. A CCJ from 2017 and 5 defaults, all satisfied. (I was very stupid with things) what are the chances in people's experience of me being able to gain a mortgage with my wife in this scenario? We have around £60k deposit and are looking to buy for around £330k/£350k. We understand Intrest rates will be higher etc, just want to know what the chances are. Thanks in Advance.
My wife and I are looking to move and gain a mortgage. We currently live in our house which is to be sold for around £230K, and is soley In her name, her mortgage etc however I am on the Electoral roll, council tax bill etc. She has a perfect credit score and history, no late payments, defaults, and great credit utilisation. I however have a terrible history. A CCJ from 2017 and 5 defaults, all satisfied. (I was very stupid with things) what are the chances in people's experience of me being able to gain a mortgage with my wife in this scenario? We have around £60k deposit and are looking to buy for around £330k/£350k. We understand Intrest rates will be higher etc, just want to know what the chances are. Thanks in Advance.
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Comments
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Anyone can get a mortgage tbh; but as you say the rate may be prohibitive.
You're looking to borrow £300k in effect (as with stamp duty etc, your £60k will need to stretch further than just deposit - unless you've factored that in)
A 1% change in rate is a significant chunk of change every month.0 -
There is no such thing as a perfect credit score. It's a made-up figures that no lender even sees.No free lunch, and no free laptop
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obvious choice would be to talk to one or even several mortgage brokers / consultants I would think, then you can get a clear idea of what you can get.0
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Is that £60k "deposit" in addition to whatever equity you have in your current property?0
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