How can i get a mortgage with bad credit history?
Uk answer: This will depend on the current state of your credit report, and you’re never too old or yound to improve it! You’ve left a lot of information out, so here are a few articstic assumptions to illustrate the point; For example, say you defaulted on an HSBC bank account when you were a student 10 years ago, entered into a repayment plan with a debt collectors and paid it off in full 7 years ago (not an uncommon situation). This would no longer appear on your credit report and the only bank that would be aware of this would be HSBC – so applying to one of the main mortgage lenders should not be a problem. Have a look at your credit report – you can get it online straightaway at http://redo.me.uk/freecreditreport Bear in mind that 100% deals no longer exist (only a few years ago they’d happily advance you 125%) and 95% deals are only for the absolute best credit customers. Expect a 15% deposit as a minumum. If your c
Depends on how long ago and just how bad your credit is. You didn’t offer much information. Assuming that you’ve had at least 2 years of steady employment and positive repayment history then you’re on the mend and although you’ll likely have higher interest rates to pay, you may stand a chance. On the other hand if you’ve grown up but haven’t actually repaired your credit you likely won’t qualify for a mortgage or not on your own anyway. Just make sure your credit and finances are on the up and up and contact a broker or your local bank for more details.
Be prepared to pay a HUGE down payment, for one. Rent-to-own may help, but other than that, you need to get a copy of your credit report from each of the three major reporting companies and start working on repairing your credit score. The three main companies to contact are Experian, TransUnion, and Equifax. You are entitled to a free copy of your credit report each year, so don’t go through the places that will charge a fee – they are basically a rip-off. If there are any unpaid collections on your credit, pay them off. Better late than never. If there are errors, contact the credit reporting agency and they may will investigate the error. You can also put your own statements into your credit reports, to add your own explanations, if you want. Banks are very careful as to who they lend to now, so you might have to work a bit before you apply for one. Check with people in the industry who may be able to point you in the direction of places that can help you – like your real estate age
