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Mortgage with very poor credit
Comments
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Ignore your credit score. It's fictitious and no lender can see it. What matters is your credit history.No free lunch, and no free laptop
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Speak with a whole of market mortgage broker, who specialises in adverse history, they also deal with non-adverse clients, to see what your options are.
Expect to pay a minimum of 25% deposit due to the current climate as 10% are rare and probably wouldn't be available to you.Mortgage started 2020, aiming to clear 31/12/2029.1 -
Clear your debts and satisfy that CCJ first then save for a deposit.A £10k deposit with £8k of debt would be seen in the eyes of a mortgage lender as a £2k deposit (or no deposit at all as £2k would just about cover legal fees). An unsatisfied CCJ is likely to be an automatic no for most lenders, but satisfied, you might get away with a 20-25% deposit from those who deal with adverse history.1
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Its 3 years old. As far as I know it’s settled but it’s showing as unsettled and I’m unsure how to find out.artyclarty said:Clear your debts and satisfy that CCJ first then save for a deposit.A £10k deposit with £8k of debt would be seen in the eyes of a mortgage lender as a £2k deposit (or no deposit at all as £2k would just about cover legal fees). An unsatisfied CCJ is likely to be an automatic no for most lenders, but satisfied, you might get away with a 20-25% deposit from those who deal with adverse history.0 -
If its showing as unsettled and it is settled then I would get this fixed first.emmy93 said:
Its 3 years old. As far as I know it’s settled but it’s showing as unsettled and I’m unsure how to find out.artyclarty said:Clear your debts and satisfy that CCJ first then save for a deposit.A £10k deposit with £8k of debt would be seen in the eyes of a mortgage lender as a £2k deposit (or no deposit at all as £2k would just about cover legal fees). An unsatisfied CCJ is likely to be an automatic no for most lenders, but satisfied, you might get away with a 20-25% deposit from those who deal with adverse history.
Work on building a deposit and or paying down debts before progressing with the idea of a mortgage, as your LTV is too high. You will need to be below 90%, ideally 85% to stand a chance.0
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