Mortgage wirh bad credit have i any chance

[claret3189]

Does anyone have success of getting a mortgage with a poor credit. I have some debt which i pay regular each month however my credit rate is poor although it has been increasing. Any tips on working towards gettin a mortgage or is it even.possible

It would depend on a number of factors which a broker would talk through with you, if your debt is a credit card or bank loan that you are paying off it would be treated entirely differently to defaults, CCJ's etc. Your affordability will be the important thing, talk it through it mightn't be as impossible as you think.

The fact that you are regularly paying off a debt without missing payments should demonstrate that you are reliable.
It would certainly be worth an informal discussion with a lender just to discuss the prospects of a loan when the debt is paid off.
Good luck!

“I have poor credit” is a very broad statement. No one can advise based on that alone. If you have more than a couple late or missed payments in the last few years then chances are you will struggle, but go see a broker for a definitive answer.

I’m assuming you have sufficient income and funds for a deposit / legal fees?

Having debt, of a manageable amount isn’t a bad thing, as long as there are no missed / late payments. Lenders will just take it into consideration when working out how much you can afford to borrow.