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Bad credit, good deposit. 5.9% good rate?
blueroo
Posts: 155 Forumite
Hi only my second post so go easy on me!
My partner and i have decided to buy a house together. I have had bad credit in the past.(defaulted on cc subsequently paid off in full, and then missed payments on other cards and things like bt sky) this was whilst living in my own property ( since sold at a profit) We have a combined income of around 31/32k and have a 25k deposit to put down. The property we want is 145k. We have aproched a financial advisor. He suggested a company called BM solutions with a rate of 4.9 fixed for two years. This mortgage was declined due to my credit rating/size of the loan, but they have offered us one at 5.9%. I have decided to go interest only and in two years change the mortgage to repayment and hopefully get a "better" deal than were on now.
question is.........is this a good deal based on my history, and is this my only option?
My partner and i have decided to buy a house together. I have had bad credit in the past.(defaulted on cc subsequently paid off in full, and then missed payments on other cards and things like bt sky) this was whilst living in my own property ( since sold at a profit) We have a combined income of around 31/32k and have a 25k deposit to put down. The property we want is 145k. We have aproched a financial advisor. He suggested a company called BM solutions with a rate of 4.9 fixed for two years. This mortgage was declined due to my credit rating/size of the loan, but they have offered us one at 5.9%. I have decided to go interest only and in two years change the mortgage to repayment and hopefully get a "better" deal than were on now.
question is.........is this a good deal based on my history, and is this my only option?
0
Comments
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How recent is this bad credit?
What figures are we looking at that you missed etc?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Well the default was about 3 years ago, and the missed payments the same other than a couple of late credit card payments in the last year.
The default was about £2000 but was paid off within 2months of defaulting.0
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