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How can I get a mortgage when I have had really bad debt and awful credit rating


misf1
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Hi all

I am new to posting and have only used this site to help me claim my unfair bank charges. I am not sure if I am posting this in the correct place. Sorry if I am not. I got myself into very bad debt a few years ago and took out lots of credit cards, loans and more loans, store cards, catalogues. Anyway with the help of my boyfriend I have started to pay off a few of the horrible debts back in september last year and have recently got a DMP and am paying them £200 a month to pay off my £9000 debt. I think this will take 4 or 5 years. I owe my father £4000 and I pay him £80 a month and I have a car which I pay £130 a month for. So it is managable. Obviously in the past I have defaulted and have large arrears, so my credit rating is shot to peices. Myself and my boyfreind want to move in together he has a fairly good credit rating and mine is dire. We don't earn that much money, I get £15,000 a year and he gets £14,000 a year. He wants to buy somewhere but the house prices are so high, he can't do it on his own and if I go in on the mortgage with him even if I found somewhere which would except me, my credit rating would make the interest rates really high. I don't know what to do. I am improving my credit rating doing everything I can. I am even willing to sell my nice car and buy a run around so that I can afford payments for a house. I am 28 and still living at home. Has anyone got any advice they could offer me? I did try a local authority their help to own scheme but was refused as they said I needed all my wages to pay the mortgage and bills and would not be able to pay my debt as well (I applied for this on my own before my boyfriend came along and they have now stopped this scheme). I don't know what to do I don't want to be at home for the next 4-5 years. Help

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I think you'll find it difficult, sorry not to be able to give good news, mortgages are going to be more difficult to get, and those with a poor credit history will find it even tougher, the only ones that will offer you a secured deal is the ones that deal with customers who have a poor credit history and charge a huge amount of interest....also the days of the 100% mortgage are almost over, so you will need a deposit too....

 

Have you considered renting as a start ? I know it is money not well spent, but it will give you and your boyfriend some independance.

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  • 2 weeks later...

Hi

 

Try Chelsea Building Society they offer adverse credit mortgages at not bad rates considering. They allow any number of CCJ's and a satisfied or current satisfactory IVA.

 

Show them your in a posistion to pay try stump up a deposit and your away.

 

Good luck!

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