Bad credit mortgages

[penguinssss]

For a bit of background, my credit score is a bit of a miss sadly. No CCJ’s but around 12 “defaults” that began during the pandemic because of being on furlough and my partner leaving. I’m working on paying these back now on payment plans but they still show as “defaults” on my credit report. My credit score is “very poor” and around the 250 mark.

I earn 25k, soon to be going up to 27k as I’ve got a small promotion at work. I’ve never missed a payment on my rent, car finance, the 2 credit cards I have or mobile phone which is all reflected on my credit report but sadly some poor decisions I made due to my ex are still coming back to bite me 3 years later!

My parents have recently come into some money and have offered to gift me 50k for a house deposit which would leave me 100k to borrow.

I’m just looking for a bit of info on bad credit mortgages. I’m not sure how bad credit needs to be before lenders won’t touch you with a barge pole, especially in todays climate! Obviously if I have to stay in rented property it’s not the end of the world but just thought I’d explore my options since my parents have kindly offered to help me get on the property ladder. Any experiences of
mortgages specifically for people with bad credit would be much appreciated

I've got one. It's 4% over base rate.

Have a look at:

Precise
Paragon
Kensington
Kent Reliance

They may all be able to help you out. Good luck.

Your best bet it speak to a mortgage broker that deals with subprime mortgages.
In your favour is a mortgage of only 66% due to your big deposit.
The mortgage broker will look at the credit REPORTS and look at where, how long, how much etc the defaults occurred and have an idea where they may/could place the mortgage
They will also know affordability etc

DO NOT UNDER ANY CIRCUMSTANCES - start approaching companies direct. The moment you start applying to inappropriate companies and create hard searches, you damage your credit chances even more.

Leave this to a professional ( cost Ive paid for standard of buy to let mortgages - about £500 )

Speak to a broker, something will be possible I'm sure especially with such a large deposit and the defaults being years ago will help too. Best of luck!

Defo get a broker who specialises in this I can recommend one. Aldermore and Bluestone could help. If you look on their websites youl be able to work out the rate you'd get but you need to go through a broker with them.

Phone London and Country mortgage brokers, who are consistently recommended here

They have a sub prime division who can help you, and they also don’t charge any sort of fee

We used a financial advisor (family friend) for our first mortgage (my wife had a few defaults and late payments) they got us a 95% mortgage with Kensington for 5.6%, this was back in 2019 though, obviously rates will be much higher now. We remortgaged after two years when the credit issues fell off my wife’s file with Barclays at 2.3% fixed for 5 years. I wouldn’t bother contacting free brokers tbh, we tried L&C and Habito and both said they couldn’t get us a mortgage and we needed to increase our deposit to 20-25%.