I am a first time buyer with a low credit history , had CCJ 3 years ago and paid all my debts off.,.. What i earn stays in my pocket at the moment as i am sharing with a friend…
I would like to know if i still be able to get a mortage even though i have no savings, as i have just finished my debts….
Can you please let me know ?
Many Thanks to all.
Not having a deposit is the biggest problem, I think the most you can get is a 95% mortgage…I would keep saving, prices will continue to fall for the next year at least.
You probably can’t get one at any kind of reasonable rate unless you save up at least the 3% FHA requires. At that point you may be able to qualify.
You need at least 5% for a deposit, and thats with a squeeky clean credit record, credit check yourself and see what comes up. The CCJ can take up to 5 years to "fade" from it. It could be possible but very difficult to source a mortgage due to that CCJ. Find a good, reputable, independent mortgage adviser once you have a deposit and dont let them charge you an outrageous fee!
In todays market a snowball has a better chance in hell than you do