Poor credit mortgages

[summer30]

I did a search earlier but most were a good few years old.

 

Is it pretty much impossible now to get a mortgage with poor credit and to top off that one person being self employed?

 

We moved to our current rented property but now the LL wants to sell, we would dearly love it but not sure if we would get a mortgage, even if its a higher deposit. Any information appreciated. Thank you

[theoldrouge]

a new company, Maggellan Home Loans is about to start sub prime mortgages, but with an inerest rate starting at 8.55%, deposit 25%-35%, clean 12 month credit history, and a minimum Proveable income of 25,000, this is the only company currently offering these type of mortgages but of course these type of loans should be approached with extreme caution

[citizenB]

You really need to avoid sub prime lenders - we have no end of horror stories on CAG from those who have mortgages with them. .

 

The link below is for the Council of Mortgage Lenders. I have linked you to a page that deals with the very question you are asking.

 

http://www.cml.org.uk/cml/consumers/guides/adverse

[summer30]

ok thank you both of you, its frustrating as all of it is from over 7 years ago, if only we had known then how long that one period of unemployment would have affected us and for so many years

[renegadeimp]

Stay far far FAR away from sub prime lenders.

[citizenB]

When you say it is from 7 years ago.. have you cleared all your debts and they are just lurking on your credit files waiting to drop off ?

[summer30]

No sadly not, husband has 2 ccj's hes paying and 3 debts on there hes trying to get cleared off, little ones

[citizenB]

IMHO, you really need to repay your CCJs and these other debts BEFORE taking on a mortgage. Whilst your credit file will still look pretty poor, lenders will see that you have repaid all borrowing and will possibly look on you more favourably. Perhaps you could even increase the size of your deposit whilst you are repaying your current debts.

[summer30]

yeah that is the other idea we wanted to do that while living here, but LL wants to sell so it means another load of money moving house yet again. Its hard to save while you keep getting moved on.