Bad Credit But Looking for a mortgage..help..

lazysquirrell

I really dont know where to start, there are a million sites and brokers but i feel many are just after the initial fee.
I am in the process of repaying all i owe..ccards etc and will be dept free by about jan next yr.
our joint earning are around 45000 p/a and at the moment we have no savings and a bad credit history, im 39 yrs old and really want my (our) own home .
If poss could someone maybe give me a hint at the best way to go about getting set.
Hoping to get a mortgage withing the next 2 years.
Any help would be appreciated.....

rdsmortgageman

Look for an Independent Financial Adviser. Expect to pay a fee of maximum 1% of the mortgage amount. If you were paying a fee of this much, I would expect the broker to refund the procuration fee that they receive from the lender to you.

You should look to have a 15-25% deposit. It will depend on how bad your credit file is.

Tiddler_2

As rdsmortgageman says you will be best served building up a reasonable deposit.

However, there are fee free whole of market brokers who can help you. Some brokers may charge a fee but only on completion of the mortgage, so no upfront fees to the broker - it makes them work for their money!!


RDS - you need to add the standard signature if you're going to act as an advisor - per site rules, see the sticky at the top of the forum

homer_j_3

add the blatant advertising in his pic also and I have referred to the rules already.

perfect way to get started on here isnt it.

Conrad

Squirrel here's a plan;

Save deposit
Ensure you are on the electoral register
Try not to move home - it reduces your credit score
Try not to change jobs
Clear as much credit as possible
Pay everything on time in full
Act like a stable responsible individual and you will attract the outcomes such a profile enjoys.