Mortgage help?

Question

I am looking for a mortgage but my bank wont give me one becuase i have a bad credit score and been in arrrears with payments before. I have no debt now but the bad credit is still against my name. Does anyone know a company that will help me? My boyfriend is ok as he has a mortgage already, but we have 1 child and another on the way and desperately need a bigger house

Answer 1

First thing, there is no such thing as a credit score. Every lender has their own criteria and they use it to gauge how much of a risk the customer is.

YES you can get a mortgage (with past arrears etc) but obviously those lenders will charge you a slightly higher interest rate.

Have a look at http://www.mortgagebrokers4london.co.uk  , you can also fill in an enquiry form there to get free personalised advice.

Good luck

Answer 2

rent until you get good credit score

Answer 3

Just be patient, either stay in the house you're in, and save for a bigger down payment, while building your credit, or sell the house, put the money to work, and rent something bigger until you can get a loan. Credit is really tight right now, the only loan you will get, if at all, will be a bad one.

Answer 4

Try getting an Independent Financial Advisor to help - they will research it for you but with the banks only lending to 'Safe' people, you may be disapointed.

Answer 5

Check out the credit reference agencies and maybe you can correct any mistakes. Some credit unions do mortgages. To be honest this is probably not the best time to be starting a mortgage.