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Anyone managed to get a bad credit mortgage? Can you help me find a lender?


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Hi,

 

Myself, hubby and kids have craved the thought of owning our own home but lack of funds and poor credit has stopped us even trying.

 

A few yrs on and we now have money (yippee). Unfortunatly we also have defaults galore listed against us both. The defaults will all start dropping off as of next month and in less than 2yrs we will have a clean credit file.

 

We have found a house and have a 20% deposit. What we are wondering is if anyone else with a poor credit history has managed to obtain a mortgage duern the recession?

 

We are about to seek help from a few mortgage brokers and then see if they can find us anything. (no credit checks would be done at this "searching for mortgage" stage)

 

Thanks for reading and any advice would be very much appreciated :D

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I think there are some specialist lenders who take on "poor credit" applicants.

GMAC RFC, Kensington, Birmingham Midshires are three that I know of but am sure there are plenty more. Obviously the interest rates will be higher for you, but if its what you are aiming for then go for it.

Good luck x

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Don't touch GMAC (who have apparently closed their loan book to new business for some time). GMAC and Kensington have been heavily fined for poor practices and at the first sign of trouble will have you in court quicker than you can blink, using the LOP 1925 act. I speak from experience here.

 

DO NOT pay a broker an 'advance fee' and try to find somebody recommended by friends, rather than a glossy bit of advertising.

 

Google the company to see how many people are complaining about them and what they are like to deal with if misfortune comes your way.

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