Mortgage with bad credit

[Jen89]

Morning,
I'm just looking for some advice! Me and my partner are looking to buy a house in the next few years. For the next 12 months we're going to paying debts off, then we aim to save for 2 years (roughly between £1000 - 1500 per month) We both have very poor credit which we aim to Improve over the next year by becoming debt free. We understand we most likely have to get a mortgage from a lender that isn't on the High Street. Can anyone offer any advice to you us? Are we likely to be successful with our plan? TIA.

 

[2caltot]

I agree you want to stay debt free ahead of this big step. I had to consolidate my debt to get my credit rating improved for a proper mortgage rate. I used (moderated)

 

[MechJony]

If you have a terrible or a weak credit score, lenders may reject your mortgage application, although some non-conforming lenders are more accommodating. Missed payments, unpaid obligations, and owing too much money are all reasons that contribute to bad credit. It's a stumbling barrier in the way of getting a mortgage. I am a bad creditor as well, but uplyftcapital.com offers credits for bad creditors, and I used this opportunity. You can do so as well, their service is very good.

 

[Dora Wi]

Paying off debts and saving up sounds like a good idea, and I think if you choose the lender carefully, it could work. Also make sure that you can show proof of consistent employment or business activity income.

 

[ScotJohns]

If you have a terrible or a weak credit score, lenders may reject your mortgage application, although some non-conforming lenders are more accommodating. Missed payments, unpaid obligations, and owing too much money are all reasons that contribute to bad credit. It's a stumbling barrier in the way of getting a mortgage. I am a bad creditor as well, but uplyftcapital.com offers credits for bad creditors, and I used this opportunity. You can do so as well, their service is very good.

 

[MolleySorba]

If you want to take out a mortgage in the future, then you will need to be patient. You can legally correct your credit history only by acquiring credit products, followed by steady debt repayment.

 

[Alphaletz]

You want as little debt as possible, so yeah. Consolidate. It's not a great time to be looking at mortgage as the interest rates have gone through the roof, so shop around for the best deal!

 

[MolleySorba]

If you want to take out a mortgage in the future, then you will need to be patient. You can legally correct your credit history only by acquiring credit products, followed by steady debt repayment.

It is recommended that you take out several small loans from financial institutions in succession, which means you must enter into a new contract after the old one is closed. You may also need the help of Mortgage Broker Taunton because legal issues can be more difficult. You need to prove to the bank that you can pay. I think having savings as a down payment can help with that.

 

[AmanBullet]

Maybe it's better to increase your credit score first and then get a mortgage. Otherwise, you will get a high mortgage rate. It will be more beneficial for you from a financial point of view

 

[anushrejit]

A mortgage with bad credit can be the worst situation. Although if FHA allows a score of less than 650 if you're really in need of it. But from my POV you should be able to think 10 years ahead before taking a mortgage with bad credit.