Bad Credit Mortgages

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Bad Credit Mortgages

Postby pipsaholic » Mon Oct 31, 2016 10:28 pm

Hi,

Has anyone been successful applying for a mortgage while having really bad credit history with defaults, CCJ's etc? I read that a company offshore gave mortgages to the unemployed on benefits/sickness benefits?

Thanks.
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Re: Bad Credit Mortgages

Postby cotswoldtony » Thu Nov 03, 2016 12:56 pm

Hi, I looked into buying a house in France and to my surprise offered a French Mortgage which I am sure did not include a U K credit search as they offered 50% of the value so lots of security in the property for them. Amazing as I am retired.
If you get an overseas address with a bank account that will help you get a mortgage.
Change your address here in the U K that gives you a clean credit history they only operate on your post code and date of birth.
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Re: Bad Credit Mortgages

Postby kimberleyJ » Mon Nov 14, 2016 2:20 pm

Hi,
I was wondering if anyone has had experience with a 100% mortgage or got a mortgage with little savings and a bad credit rating?

I did read on the forum that having an overseas bank account and changing your address can help?


Thanks
K
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Re: Bad Credit Mortgages

Postby pipsaholic » Tue Nov 15, 2016 10:18 am

I heard that the credit reference agencies link your name and old address to your credit file? However, by not registering on the electoral roll for 3 years after changing address and then registering and then apply for credit you will be successful. It will be like new credit.
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Re: Bad Credit Mortgages

Postby kimberleyJ » Sat Nov 19, 2016 12:26 pm

Thanks for that. I have not been on the electoral roll for years.

I am looking to move anyway. So once I move you are saying I should then register on the electoral roll to possibly get a mortgage?


Thanks
K
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Re: Bad Credit Mortgages

Postby pipsaholic » Wed Nov 23, 2016 2:25 am

I would not register for 3 years then on 4th year register as it breaks your history apparently giving you better credit score.
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Re: Bad Credit Mortgages

Postby BigRachel » Fri Feb 17, 2017 1:00 pm

Hi,

Bad credit mortgages are often easier to get than you think! If you have enough money saved up. If you want to get a mortgage full stop then you need to have at least 5 - 10% of the deposit saved.

If you have bad credit, the more of a deposit you have saved, the higher the chance you are of being accepted. I spoke to a company which even deal with people who have been bankrupt! Again, it's all about the deposit though.

I'd recommend just having a chat with a few people to see what they say, try somewhere like Find mortgage advisors and have a chat with a few people.

99% of the time they will talk to you for free. Some advisors also don't charge until you get the mortgage. Well worth asking!

Anyway,

Good luck!
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