If I have previous credit problems what's the best way to get a mortgage now?

Posted on 13 August 2008

Hi Bea,

I was wondering whether you guys would be able to help me in my current situation, as I know it's pretty difficult to get a mortgage at the moment.

Basically I have some old defaults from some loans & credits cards I held jointly with an ex-partner, & am now looking to do my right to buy. I live in a high rise in East London, and earn a good salary now. My bank have turned me down & I'm not sure whether to even try to get a mortgage now or wait for a few years.

Any help you can offer would be great.

thanks, in anticipation,

Sam

Sam

There are a number of factors that will influence whether not you can find a suitable mortgage and lender. The right to buy aspect is the easy bit as most lenders will lend on this basis.

The more complex parts are going to be around the property itself, as not all lenders will lend on high rise flats and most rely on valuers' comments.

The second hurdle you may need to get over is your credit history; the best way to start this is by getting copy of your credit file from www.creditexpert.co.uk

The best advice I can give is to seek advice from a mortgage broker who will be able to take your details and complete the research for you. You can reach our advisers on 0845 413 1053

I wish you all the best.

Bea

 

Answers provided in response to Ask Bea are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of Charcol Limited. All comments are made in good faith, and neither Charcol Limited nor Bea will accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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