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Bad Credit Mortgages

Any Mortgage related questions

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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Re: Bad Credit Mortgages

Postby Fannytraps » Sun Mar 05, 2017 8:38 am

Never try to get a mortgage with bad credit, it will only end in tears even when it is approved.

In the event you have bad credit, the last thing you want to do is get into a larger debt that will totally destroy you and your health.

What you should do is market your skills for cash (start a business that energizes you) . Your bad credit means you have a negative financial input in the system. You are only after cash and not after trading commodities like your skills for a cash return.

Bad credit is not something to compound with more debt, the only thing that suffers is your health and eventually your relationships and credibility/reputation.

Have a great week ahead.
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Re: Bad Credit Mortgages

Postby Kate396 » Thu Mar 23, 2017 5:44 am

Hi,
If you have a bad credit score, it is difficult to get a mortgage. It is due to several reasons. Having a bad credit score will make the lender think that you are having a larger-than-average risk of not following the terms of the loan.
You can rebuild your credit score with certain steps. A few are listed below:
1.Check your credit report
2.Arrange to catch up on your payments at the earliest.
3.Pay your bills on time.
4.Try to avoid close credit card accounts
5.Pay off the down debt.
6.Use a secured credit card.
7.Obtain an installment loan.
With these steps, you can build up your bad credit. Also, you can check this blog(http://www.albertamortgagecentre.com/ho ... ankruptcy/) for more details. Hope this will help you.
Thanks in advance
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