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| *Loan,banking and credit>>>bad credit mortgage |
Can a get a mortgage while i am with debt finance or with bad credit record? |
Can a get a mortgage while i am with debt finance or with bad credit record? You can, but you'll probably end up with a higher rate than others with a good credit record. If that's okay with you, look for a company who will lend to people with low credit scores. Nowerdays, a lot of companies will score you on affordability, so your debt will be taken into account. For example, someone earning 拢30k a year could usually borrow 3x30 so 拢90k. However, if you have debts of say 10K, you'd only be able to borrow 拢80k. Here are three things you can do to get a mortgage despite bad credit: 1) Raise a deposit, as this reduces the risk for the mortgage company - you'll lose it if you don't keep up repayments 2) Be a joint applicant with someone who has a good credit rating 3) Take out a catalogue or small loan and stick to the payments religiously. You can improve your credit rating this way, but it takes time. Go to see your local citizen's advice bureau for more information on how to improve your credit rating. Source(s): I used to have bad credit, but now I'm a homeowner with a very reasonable mortgage rate. Very hard to get . Where possible your repayment rate would be very high Please be more specific. It really depends on the numbers and the amount of the mortgage. No. Banks won't touch you with bad credit history. IT WILL BE VERY DIFFICULT TO GET A LEGAL ONE, YOU CAN GET DODGY ONES BUT YOU WILL PAY A LOT MORE. How will you pay it back or get the mortgage deposit? Would you lend anyone money in your circumstances? Someone might but it will be at your expense when they foreclose. Be very careful. Advice Take a job that provides accommodation and live frugally for a year or two while you straighten out you finances. |
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