mortgage for poor credit people?

logan-mick

does anyone have any ideas?

my girlfriend has perfect credit but i unfortunately do not.

i have a few defaults, they are all settled and all from about 4 years ago. however we just got refused a mortgage from RBS.

we both earn over 20,000 a year.

please help.

logan-mick

***BUMP***

Come on, i know someone here can help with this

loopylu36

You might do best to post this on the mortgage/endowment board, but I think the Chelsea B Society are good with this. The do a "credit repair" mortgage or something like that - they will accept with defaults (and even ccj's i think) and after you have been with them for 2 years, you can go onto a better rate currently reserved the "good people" I don't think their rates are as high as "sub primers" either and who I would avoid if i were you anyway

Good luck

logan-mick

thanks for that, i appreciate it.

rayday2

Just done a remortgage with Chelsea and we have been on a DMP for nearly two years so shocking credit report they treated us like humans and the interest rate was not too bad 6.34% for us. Our previous poor credit mortgage was 9.9% and we had a first Plus second mortgage of 10.5% I believe somewhere around those figures anyway.

snowwonder

let us know how you get on.... i am exploring this at the moment so i would be intrested to see how you get on...
thanks

DaisyW

Hi we have also just got a mortgage and my partner had poor credit defaults but all now satisfied. Before going to subprime lenders I would shop about. Try and have a copy of your credit report and explain any defaults. If necessary but a notice ofcorrection on any defaults that could not be helped for example time out of work etc. In the end we went direct to the lender which was my bank - although not the lowest deal out there they were competitive. They could see clearly my financial history which helped. I did use several wotm brokers first to see what deals were out there before making any decisions. Goodluck

bathgatebuyer

I'm presently with GMAC on a rate of 6.56% which given a 'Poor' credit rating is quite competitive I think. Prior to that I was with RBoS for 9 years, but following a 7 month spell out of work which was 3 years ago they decided they no longer wanted me as a customer despite only going 3 months into arrears and settling those from my first wage packet after restarting work.

I come off my fixed rate in Feb 09 and hope to get away from GMAC back to the land of the high street as opposed to sub-prime! In the 15 months or so I've been with GMAC I've not had a late or missed payment at all so fingers crossed I'm now a 'good' option for lenders.

I'm quite lucky in that I'll be borrowing with a 55% deposit or so, so will always have that in my favour.

rustybucket

Another one for the Chelsea here.

Touch wood, exchanging next week, complete in 2 weeks.

Our rate is 6.59%, ok about a percentage higher than current rates but when we took our mortgage out 6 years ago we were on the same rate.

jpwhittle

just my opinion so please dont shoot me but i think that less and less banks are now catering for high risk people. just simply due to the credit crunch. we found it hard 12 months ago as we had debts and needed to borrow extra but went with northern rock as they gave us the best deal (4.99% on a 105% mortgage) i know loads of people dont like them but they have been good with us.

i think simply though the state of the economy is just makeing things hard. there are people around tough who can give you good advice and the morgage above sounds good for todays market