Bad Credit

[tinkerbell23]

Mortgages...

I dont have a fantastic credit rating but i should have a decent deposit say 10%.....

Have I any chance of getting a mortage.?

[ToraToraTora]

not with a bad credit rating.

[tinkerbell23]

I know people who have been bankrupt and now have mortgages.

Just wondering what the process was.
If i should even bother! X

[Captain2]

If you don't try you'll never find out :)

[ubasses]

If you have any CCJ's in the last 6 six years the answer will be no. If you are talking, missed or late payments they will affect your application, but depends how recent they are, they may be prepared to discuss what the problems were.
Things are a lot tougher since I retired so even if they consider it you will probably be looking at a higher interest rate or bigger deposit.
Will you be able to supply up to 12 months statements with no unauthorised overdrafts or unapaid item charges.
Not sure if there is much flexibility in the system these days, but a Mortgage Broker may be the best place start for info and advice.

[Peter Pedant]

start with your bank and see

credit ratings are not the be all and end all
I have a fantastic credit rating but am retired and ill
so it is unlikely I would get a mortgage

ten per cent is certainly a good start

so yes you do have a chance

[ToraToraTora]

generally you need clean credit for 6 years.

[Peter Pedant]

get your own credit rating
Ecperian and the other one are required to offer one at £2
but it takes a bit of finding on their site
once you know its there ....

[ummmm]

Unlikely. It's scored on a points system. I would put your 10% towards clearing all debts xx

[tinkerbell23]

The debts are clear now but my rating is still 1/5 on noddle :0(

No CCJs xx

[tonyav]

tinks, might we worth having a chat about this with the mortgage adviser at one of the banks / building societies.

[ubasses]

Apply for your credit report and make sure that any debts on it are being reported as satisfied. If not get onto the Companies that registered them and get it updated.
There is no such thing as an actual credit score, all Banks etc have their own systems set up for their own requirements.
If you have a good history on your statements and you can get the credit report straight, you stand more chance of the application coming up as 'a refer' which means it will go to a human being to have a closer look and make a decision.
I suggested a Mortgage broker as they would have a good idea of which lender to go to. Don't go trawling round all the Mortgage Companies, a search will appear every time they load an application and too many of those will go against you.
None of this guarantees you anything but you need to maximise your chances.

[tinkerbell23]

Thank you i do plan on going to an advisor xx

[tonyav]

Don't blame you, tinks. Should get a good idea of how you stand.

[tinkerbell23]

Worried..... Hey ho you pay the price for silly mistakes as a younger tinks!!!! X

[Psybbo]

Hey Tinks, married yet?

[tonyav]

Don't you be worrying about it, tinks. I'm sure a decent mortgage advisor will sort one for you.

[tinkerbell23]

Nope psyb!! Sept weekend xx