I've just got past the moratoruim period on a debt relief order (1 year) which will be on my credit file for another 5 years so I am now ok to earn higher wages.
My nan has offered to pay £50,000 on a deposit on a flat costing £100,000.
Will I be accepted for a mortgage if I am working?
If not, would my nan have to buy the house in her name? How long would it take of me working steadily before I can have it transfered over into my name? (if my credit file allows it) And, would this bump up costs with solicitors fee's?
Or may it be ok to have it my name, soon as my nan is paying £50,000 upfront?
Answer by the_unluckiest
Mortgage companies don't care how much your nan puts on the deposit because a mortgage would be WITH YOU. So if you have horrible credit and don't have a consistent salary and haven't been with that job long enough, you are most likely considered too much of a risk to even give a $ 10,000 mortgage to. So before you decide to even set yourself up for disappointment, I highly recommend you go get pre-approved for a mortgage and then start house hunting within the budget (plus your nan's £50,000).
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Orignal From: Will I be able to get a mortgage with bad credit if my Nana pays a £50,000 deposit?
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