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Mortgage Bad Credit
Options
brightpinkstar
Posts: 3 Newbie
Hi,
Myself and my partner split up last year, and I am unable to afford my current place that we bought together and am selling the home.
I have a bad credit score (480), a couple of settled defaults (over 3 years old) and a lot of credit (around £11000). I am looking to pay off the credit I have out of the equity, but I cannot pay it off until then. I also have a current mortgage with YBS with my partner. I have been declined by all lenders my broker has tried including Precise, Kensington and Aldermore because of the amount of credit I have.
I have been looking at a home for £152k and will have approx £55k deposit after paying debts and fees. I have a salary of £33k per anum.
Does anyone have any advice or is it just a case of I cannot get a mortgage?
Myself and my partner split up last year, and I am unable to afford my current place that we bought together and am selling the home.
I have a bad credit score (480), a couple of settled defaults (over 3 years old) and a lot of credit (around £11000). I am looking to pay off the credit I have out of the equity, but I cannot pay it off until then. I also have a current mortgage with YBS with my partner. I have been declined by all lenders my broker has tried including Precise, Kensington and Aldermore because of the amount of credit I have.
I have been looking at a home for £152k and will have approx £55k deposit after paying debts and fees. I have a salary of £33k per anum.
Does anyone have any advice or is it just a case of I cannot get a mortgage?
0
Comments
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With a 30% deposit you should have options. Are you in Scotland by any chance? You might have few options if you are.
If you are not, I think your broker is probably not the most experienced with adverse.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.1
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