How do you get a 100%mortgage with bad credit?

[justwishing]

Can anyone at all give me some advice as to how we can obtain a 100% mortgage with bad credit? Are they even still available?
I keep looking on various sites but they dont seem very informative, has anyone recently obtained one?

Any help would be greatly appreciated.

Thanks

[drhouse]

As far as I know you won't get a 100% mortgage with squeaky clean credit never mind bad credit.

[Kaz]

Totally agree with the good dr - 100% mortgages disappeared a long time ago and there's no sign of them coming back any time soon

[Adam Long]

100% mortgages no longer exist and to be frank if you have bad credit depending on how bad it is you may not be able to get a mortgage at all.

If you really have to get on the property ladder you might need to settle for a rent to buy scheme until you can get your credit record sorted out

[propertydiamond]

I think it would be really difficult for you to get a mortgage if you have bad credit. Lots of estate agents have financial / mortgage advisor's working for them who can advise you as to whether you are eligible for borrowing,usually the advice is free, so do enquire.

[inspectorbudget]

I think your own username just answered your question. 100% mortgages are a thing of the past. Even if such loans still exist, you'll most gonna likely get denied by lenders.

[Dan S]

Hi Justwishing

Unfortunately it's not possible to secure a mortgage without any deposit of any kind, even if you have good credit i'm afraid. If the Financial Services Authority gets their way then it's highly likely the 100% mortgage will never return. With the state of the UK housing market being what it is, to be honest this is a good thing. If you're still stuck then there are a few schemes out there that only require a 5% mortgage deposit. Have a look at the Head Start scheme from Barratt building developers, and keep your ear to the ground about the government's 'First Buy' Scheme which is due to be released at some point in the summer of 2011.

All of these are variants on the same theme…you stump up 5%, then you're lent another 15%, so you can approach a mortgage lender with a 20% deposit.

As far as bad credit is concerned you'll need to start trying to repair it straight away. Tips for improving your credit include…

Make sure you're on the electoral register
Make sure you cancel all unused credit cards
clear as much of your debt as possible.

For more detailed advice, try getting a credit check from Experian and then discuss their results with one of their advisors. I found them very helpful.

Good luck!

Dan

[isproperty]

your somebody I know whos just asked to borrow £100 quid. However last month I lent you £100 and you never paid me back. Should I lend you the money, would you?