Mortgage with a small history of defaults

Posted on 7 June 2009

I ran up a few credit cards whilst at university which resulted in a default around 3 years ago. I have yet to pay them off in full but am paying them each month. My wife and i earn a joint salary of £40,000 and want to buy our first house, we have a £15,000 deposit for a £140,000. Is there anywhere that would give us a mortgage with my bad credit? My father in law has offered to be guarantor if necessary, where would be able to get a guarantor mortgage from?

With a deposit of just over 10%, you will struggle to get a mortgage with your history of defaults.  There are only a few lenders in the market at this high loan to value for people with really good credit records.  That said, it may be possible.  I suggest that you speak in detail to an independent mortgage adviser who can go through your situation and see if what you would like to do can be done.

Best of luck

Category: Bad credit

 

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