Bad credit mortgages

PM22

Hi,

Is there such a thing as a bad credit mortgage market? Or is it all just a scam? Please advise....

ACG

There are lenders who are open to bad credit mortgages. 

The lenders you need will vary depending on your circumstances, you can have what used to be known as sub prime lenders but are now called specialist lenders or you can have little building societies who will take a manual approach. 

Speak to a broker, they can talk through your circumstances and go through your options. 

I am sure there are some scam artists out there, but there are not loads. Just ensure you pay no upfront fees. 

PM22

I have spoken to a few brokers today which was interesting. I guess worse case scenario, I can always move when my dmp is done December 2026, only 3 years away really....

ACG

If you are in a DMP, depending on the number of defaults/CCJs you have and how long you have been in it for, you could get awya with a 15% deposit, but you may need closer to 30% - the devil is in the detail. 

PM22

I want to buy this flat off my ex husband and would borrow 130k, put 100k of my money with it, spend 20k doing it up and 30k should cover stamp duty and solicitors fees (I don't think stamp duty is payable on properties under 250k) so that is roughly 43% deposit....

ACG

At 43% LTV I think most adverse can be overcome.