ChatterBank1 min ago
bad credit mortgages
4 Answers
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.
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For more on marking an answer as the "Best Answer", please visit our FAQ.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