Is it possible to get a mortgage when you have a bad credit rating?

[Brigitta]

After losing my partner very suddenly (at the age of 30) I suddenly had to pay all the bills myself on only one income instead of two and also suffered severe depression and grief, which meant that I lost my job and had no income whatsoever.

Because I didn't want to admit that I couldn't cope, and I because I didn't want to lose our home and our 4 cats, I refused to give up our home until it came to the point where all of the bills were unpaid and I owed money to just about everyone, and owed hundreds in rent. I never claimed benefits because that would have meant admitting I needed help - foolish in retrospect...

Anyway, eventually I was forced to concede defeat and had to give up our home and give our beloved cats away to the Cat's Protection League to be re-homed.

I moved into my parents spare-room and spent 2 years there while I recovered from the depression (of losing everything in my life).

Now, 3-years later, I've met a wonderful man and we now have a beautiful 1-year old baby and we're very happy together, except for the fact that his job is poorly-paid and the 3 of us live in a horrible, damp little 1-bedroom flat on an inner-city council estate.

How would it be possible for people like us to get a mortgage? My credit rating is really bad now?

I could get a part-time job and I think we can afford mortgage payments but how to even get a mortgage in the first place with such a bad credit rating?

My partner is actually a pharmacist but he qualified in India so he can't practice in the UK unless he re-took all his exams over here (which he can't do because he's the sole wage-earner at the moment) as my job is to take care of our baby).

[SRH]

Can't say for certain - but my aunt lost her house at 50 when my uncle died and she couldn't pay the mortgage. At 55 she went to a financial advisor and got a 10 year mortgage to buy a house, just based on her wage and despite her bad credit rating. The payments are sky high, but I get the impression there is always someone out there willing to lend you money... just make sure you can make the repayments and don't get into even worse financial trouble. Best to get professional advice (http://www.unbiased.co.uk/).

Hope it all works out! x

[CheekyChops]

You can get a mortgage with bad credit but it will be quite difficult and the interest rate will be sky high, as has already been said.

I don't know what part of the country you live in but if your partner only has a poorly paid job and you will only have a pert-time job, would you be able to get a mortgage?

As a rough guideline, lenders usually lend 3.5 x joint income. Would this be enough to buy a place in your area? They also need to be sure you could afford the repayments, it doesn't matter whether you think you could, it's what they think!

Good luck x

[Uzoma]

It may be a good idea to get hold of your credit file report. A good financial adviser can look at this and give you an idea of what rate you would likely pay. This will enable you to work out whether this is a reasonable option for you.

[EverClean]

The rate may not be sky high.
There are mortgage products out there for just about everyone's circumstances.
Speak to a mortgage adviser - it's their job.