bad credit mortgages

[tyjae100]

hi me and my partner are thinking about applying for a mortgage,the problem is we both have a bad credit history,consisting of defaults and arrears,although we dont have any ccjs or bankrupcys. does anybody no if it will be possible for us to get a mortgage,or has anybody been in the same situation and managed to get one. we dont want to just apply without doing our research as we no that each time you are declined credit it has an adverse affect on the credit rating. any help would be much appreciated.

[chaleguy]

Look on the internet, but watch the interest rates!

[CheekyChops]

You should be able to get a mortgage but the interest rate is likely to be horrendous and you will need a large deposit.

[missspeedy23]

Your best bet is to get an independent financial advisor - you'd have to pay a fee (they vary cost wise) but they will know who to approach based on your situation and will sort everything out for you.

[thetraveller]

it is not a good time to get a 'poor credit' mortgage, my best advise would be to spend a little on getting your credit status restored, there are many ways to do this and in the long run, you may have to wait a few months to get your mortgage but the benefits will pay you tenfold, if you get a mortgage with your credit in its current state you will regret it, interest rates are high, you will have to pay one or two percent (minimum) above the current rate and it will be fixed for approx two years wereas, if you repair you credit and the government does lower the interest rate by two percent early next year, you will be in a much better position and prob. save yourseves 30 - 40 percent on payments. hope that helps