Bad credit mortgage then remortgage

BubbleTea

Hi all,

So I currently have very bad credit. We're talking numerous defaults and a CCJ. CCJ will be off my file in 11 months however the defaults will be on till around 2025. I've paid many of them off (or at least partially). 

I'm hoping to get a first time mortgage however I'm unsure of what would be the best option. I'll have a 20 % deposit by the end of the year. The CCJ will be off my file but a few defaults will still remain. Would I be best to take out a mortgage for poor credit from a sub prime lender in a few months time which I know will be more expensive, then in  a couple of years time, transfer mortgages to a regular mortgage lender once my defaults have fallen off my file (if this is even something I can do), or would I be best to just wait until all defaults have fallen off my file, which will be 2025?

Any advice gratefully appreciated!

ACG

Speak to a broker. 
You might be able to get something with a little building society. Rates wont be high street, but they wont be adverse either - somewhere in the middle. 

BubbleTea

ACG said:

Speak to a broker. 
You might be able to get something with a little building society. Rates wont be high street, but they wont be adverse either - somewhere in the middle. 

Yeah I was thinking of a broker. I currently have a LISA with Skipton, might be worth me talking to them as well. 

Thanks!

RelievedSheff

When we moved house my credit was less than clean. I had one settled CCJ and one unsettled CCJ both about 5 years old.

We took and adverse credit mortgage for 2 years and could then remortgage to a high street lender when the CCJs had dropped off. 

Yes we paid a higher rate for a couple of years but we secured the house that we wanted. 2 years flew by.

ACG

BubbleTea said:

ACG said:

Speak to a broker. 
You might be able to get something with a little building society. Rates wont be high street, but they wont be adverse either - somewhere in the middle. 

Yeah I was thinking of a broker. I currently have a LISA with Skipton, might be worth me talking to them as well. 

Thanks!

I like Skipton, but I cant see them accepting your application. 
When I say little building societies, I mean ones you have probably never heard of. Skipton are quite a bit building society. 

BubbleTea

ACG said:

BubbleTea said:

ACG said:

Speak to a broker. 
You might be able to get something with a little building society. Rates wont be high street, but they wont be adverse either - somewhere in the middle. 

Yeah I was thinking of a broker. I currently have a LISA with Skipton, might be worth me talking to them as well. 

Thanks!

I like Skipton, but I cant see them accepting your application. 
When I say little building societies, I mean ones you have probably never heard of. Skipton are quite a bit building society. 

I think I'll take your advice re contacting a broker, probably the best way to go. I really wouldn't have a clue where to even start. Thanks again.

BubbleTea

RelievedSheff said:

When we moved house my credit was less than clean. I had one settled CCJ and one unsettled CCJ both about 5 years old.

We took and adverse credit mortgage for 2 years and could then remortgage to a high street lender when the CCJs had dropped off. 

Yes we paid a higher rate for a couple of years but we secured the house that we wanted. 2 years flew by.

Good to know there's a possibility of me getting a mortgage then with bad credit. I was starting to worry it would be impossible!