Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Rebocalucy
    • By Rebocalucy 8th Mar 18, 2:35 PM
    • 4Posts
    • 0Thanks
    Rebocalucy
    Bad Credit Mortgage Advice
    • #1
    • 8th Mar 18, 2:35 PM
    Bad Credit Mortgage Advice 8th Mar 18 at 2:35 PM
    Hi all,

    Would really love some mortgage advice if possible ! Iím sorry if this becomes a long post !

    I bought my first house 8 years ago and currently have a mortgage with Halifax. Around 4 years ago I was made redundant from my previous job (I had only been there a year) and fell into a payday loan trap (early 20s single female with no one to rely on, young and dumb!) and ended up with 6 defaults and a CCJ ! I went back into full time work soon after and got straight on a debt management plan, all my defaults show as around 3 years old. Fast forward and I have now just finished my DMP, I have a beautiful one year old daughter but the house is so small I desperately need to move. Due to personal reasons my partner will not be joining me named on the mortgage but will be contributing to household bills as he does now.

    So my overall question is, is there any chance of me getting a mortgage with anyone ? I will have at least 30% deposit after the sale of my home. I have been in my full time employment almost 4 years. I havenít missed a single payment since and no mortgage arrears today debts since. I am now debt free and have saved a few thousand ready for moving but after reasearch Iím not sure I can with my defaults ! Thankyou
Page 1
    • YHM
    • By YHM 8th Mar 18, 2:50 PM
    • 512 Posts
    • 191 Thanks
    YHM
    • #2
    • 8th Mar 18, 2:50 PM
    • #2
    • 8th Mar 18, 2:50 PM
    Based on your deposit size, you should have options, just not at high street interest rates.

    Contract a good broker and they should be able to find you an appropriate lender.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • Rebocalucy
    • By Rebocalucy 8th Mar 18, 3:05 PM
    • 4 Posts
    • 0 Thanks
    Rebocalucy
    • #3
    • 8th Mar 18, 3:05 PM
    • #3
    • 8th Mar 18, 3:05 PM
    Thankyou for your reply, I have been looking at Kensington but yet to find a mortgage broker that doesnít charge huge rates and specialises in bad credit
    • enthusiasticsaver
    • By enthusiasticsaver 8th Mar 18, 3:37 PM
    • 6,367 Posts
    • 13,009 Thanks
    enthusiasticsaver
    • #4
    • 8th Mar 18, 3:37 PM
    • #4
    • 8th Mar 18, 3:37 PM
    If you have defaults and ccjs which have not yet dropped off your record then you may find difficulty getting a mortgage at an affordable rate. Having a large deposit and no debt now will help. I think approaching a broker who specialises in bad credit records is a good start. How would you feel about selling up and renting somewhere bigger until your credit record has repaired?
    Debt free and mortgage free and early retiree. Living the dream

    I'm a Board Guide on the Debt-Free Wannabe, Mortgages and Endowments, Banking and Budgeting boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Any views are mine and not the official line of moneysavingexpert.com. Pease remember, board guides don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com
    • YHM
    • By YHM 8th Mar 18, 3:40 PM
    • 512 Posts
    • 191 Thanks
    YHM
    • #5
    • 8th Mar 18, 3:40 PM
    • #5
    • 8th Mar 18, 3:40 PM
    Brokers who specialise, can and do charge a premium. So it depends on whats more important, not wanting to pay for specialist advice or buying your next property.

    Remember though, brokers don't dictate the interest rates, its the lenders that price according to risk.
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, 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
    • Rebocalucy
    • By Rebocalucy 8th Mar 18, 4:03 PM
    • 4 Posts
    • 0 Thanks
    Rebocalucy
    • #6
    • 8th Mar 18, 4:03 PM
    • #6
    • 8th Mar 18, 4:03 PM
    I really wouldnít want to rent at all, itís so deflating . Iím happy to pay for a broker at a reasonable price, moving is very important to us. Maybe I should put my feelers out but looking at some brokers they charge to give advice
    • matbe
    • By matbe 8th Mar 18, 9:24 PM
    • 520 Posts
    • 839 Thanks
    matbe
    • #7
    • 8th Mar 18, 9:24 PM
    • #7
    • 8th Mar 18, 9:24 PM
    Try London and Country

    They deal with Kensington.
    • Rebocalucy
    • By Rebocalucy 10th Mar 18, 2:16 PM
    • 4 Posts
    • 0 Thanks
    Rebocalucy
    • #8
    • 10th Mar 18, 2:16 PM
    • #8
    • 10th Mar 18, 2:16 PM
    Thankyou, I will see if I can get some advice before putting the house up for sale.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,083Posts Today

5,801Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin