mortgages 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.

mpsavuk

I am guessing that whoever is still doing mortgages for people in your position will require a large deposit, highish interest rate and lots of up front fees etc.

I'm sure it's not impossible for you to get one in even in these troubled times.

_Andy_

What is your situation - are you buying a property or is it a remortgage?

logan-mick

its a first time buyer situation.

thanks

_Andy_

What is the propery value of the property you're buying and how much deposit do you have?

Cheers

minimike2

You need to be a bit more specific with your figures.

How much are you looking to buy for?
What is your deposit?
Exact incomes?
Exact details of defaults...amounts, when exactly they occured and when exactly they were settled
Details of any other credit outgoings?

Conrad

Late payments will also impair your credit.

UK007BullDog

I think you will need to see a broker. Its not going to be easy. You will also need a decent deposit of more than the usual 5 to 10%.

logan-mick

more than 10%?

well we're screwed then. i don't know many 20 something couples with 15 - 20 grand saved. this is a major major bummer.

we each have no credit outgoings
salaries are 20500 and 22500
no late payments in over 3.5 years
looking to buy in the 150000+ range
we have about 7000 saved
defaults all recieved and cleared in 2004/2005 all for sums of less than £700

any advice taken gratefully

beecher

Go to a broker and see what they can do. They'll hopefully give you advice on the best way to improve your credit rating. Since the defaults were all cleared 2/3 years ago you might see a big improvement this time next year, giving you time to save up a bigger deposit. Now's not the time to buy anyway - that £150,000 house could well be under the stamp duty threshold by the end of the year.