Poor credit score and getting a mortgage

Kirstydoug

Hi everyone looking for advice  I’ve got  a poor credit score and ive also got 3 part settled accounts on my file if I clear my overdraft and credit card £1800 in total will I have a chance being accepted for a mortgage 

ACG

Havin an overdraft and a credit card wont be affecting your score to any major extent - providing they are kept within their limits and paid on time. Unfortunately clearing those wont overcome the defaults you have. 

When were the defaults registered? 
How much is the purchase price and the deposit? 

clairewebb_2

Hi. My mother in law has recently passed away and my partner & his sister have been left her house. We want to buy his sister out but we both have bad credit. We will have 50% equity & around £25k deposit for the mortgage, what are the chances of getting excepted with bad credit?? 

Capri84

How much is the house worth? 

clairewebb_2

We have had 2 valuations at £170-£180k 

MovingForwards

clairewebb_2 said:

Hi. My mother in law has recently passed away and my partner & his sister have been left her house. We want to buy his sister out but we both have bad credit. We will have 50% equity & around £25k deposit for the mortgage, what are the chances of getting excepted with bad credit?? 

Please start your own thread as it gets confusing reading questions and answers for two different people.

Kirstydoug

ACG said:

Havin an overdraft and a credit card wont be affecting your score to any major extent - providing they are kept within their limits and paid on time. Unfortunately clearing those wont overcome the defaults you have. 

When were the defaults registered? 
How much is the purchase price and the deposit? 

Defaults were 2018,2019  does a part settled account effect your credit score 
we are just at the planing stages we are planning to have around 15000 deposit  

Stephahkneee89

You need to speak with mortgage broker who specialises in bad credit rating, it's honestly the only way you can find out.