Mortgage Lenders that can offer bad credit mortgages to first-time buyers with CCJs and defaults on their credit file.
I’m a first time buyer with a poor credit rating can I get a mortgage.
As a first time buyer life is hard enough let alone getting a mortgage if you’ve had problems in your younger days. Fear not I have access to a number of lenders that will lend to first-time buyers as long as the credit issues have been resolved. To elaborate if you have had a CC Js or a default the registered date will need to be over two years old or longer. If you have had missed or late payments in the last 24 months you are fine as long as they are not showing as more than a status two on your credit file. If it’s showing a status three – which means three months late payments – then you will need to wait until it is behind you by at least two years.
Deposit amounts are around 15 to 20% depending on your earnings. Family are able to contribute towards the deposit provided it is a gift and they are not taking an interest in the property. So the bank of Mum and Dad may be an option if you are struggling to achieve this level of deposit on your own.[pullquote]What is NOT available is a shared appreciation or shared ownership scheme. The adverse credit lenders look for a plain conventional purchase and facilities such as Government’s Help To Buy is a no no.[/pullquote]Unlike most of the other websites out there we deal with this type of this business day in day out and really do know what criteria is rather than just simply display out of date high street lender logo for lenders that don’t lend on bad credit mortgages let alone first-time buyers with the same.
QUICK GUIDE TO FIRST TIME BUYER BAD CREDIT MORTGAGES
(all cases need to be discussed in the first instance)
|County Court Judgements (CCJs)||Any number and any amount||Registered over 2 years ago||Satisfied before application|
|Defaults||Any number and any amount||Registered over 2 years ago||Can be unsatisfied|
|Missed payments||Maximum of status two in the last 2 years|
For those of you who are looking for a little bit more information in regards to bad credit mortgages for first-time buyers I suggest you click on the related Topics below and to the side of this article which will give you some more insight into what is needed from you to get a mortgage.
There is a lot more in regards to the criteria which is needed to get a bad credit mortgage but the very first starting point is for you to get your Equifax credit report. If you click on the banner below you can get this for free.
For more information on our range of bad credit mortgages for first-time buyers please complete the enquiry form on the right-hand side of this page alternatively call us on (020) 7993 2044.
Payam Azadi is a partner at Niche Advice Ltd who are Independent Financial and Mortgage Advisers in London.
Author: Payam Azadi
Payam Azadi is a partner at Niche Advice who are whole of the market Independent Mortgage Brokers. His role is very much focused on Property financing both on residential and commercial lines.