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First Time Mortgage - Adverse Credit

Hi folks,

My partner and I currently both work full time, she is a Civil Servant and I a software developer, we are hoping to move onto the property ladder in the next year. At the moment we both have defaults on our credit files, although my partners are wiped in a few months (6 years old) however mine are only about 4 years old. We have no deposit yet but could save hard and get 5-10%. Given the bad credit, we were thinking of an adverse credit mortgage company then remortgage in 3 years when credit is back to normal. Any advice would be appreciated.

Reply to
Mark Marsella
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If you know what is causing the adverse credit report then why not just clear that problem and get a certificate of satisfaction, then apply normally through a bank or building society. Eric

Reply to
Eric Jones

I would recommend avoiding those loan sharks. Interest rates are not as low as they've been, and likely to rise. Adverse credit lenders charge a premium on top of the rate, which should, on balance, make it much cheaper for you to rent than to buy. Why not wait, at least until your credit records are good, before even considering buying. If you're lucky, prices may have dropped by then? You'd have to be pretty unlucky for them to have risen substantially by then.

We've had the peak, more or less, I reckon.

Reply to
Ronald Raygun

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