Mortgage for young person with bad credit?

Hi everyone, any advice on this would be much appreciated. I've just recently turned 21, i got a 5k loan out at 19 and kept up with the repayments until 6 month ago was jobless so a bit behind but i hope to get bk up to date soon, i also got a tv and laptop on finance which i also fell behind with the repayments when i lost my job. I'm hoping in maybe a yr n half or so to look for a mortgage as the house me and my partner with our kids are in which we private rent is the dream house for us, and the landlord is looking to sell in maybe a yr :( Does any one know how to go about trying to get a mortgage with the bad credit i must have, also being so young. ThanksMortgage for young person with bad credit?
creditreport.fateback.com - try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.Mortgage for young person with bad credit?
Having bad credit will be a major problem. If you have a large amount to put down on the property...it may or may not help.
This will take time, and cutting your expenses to the bone. I would concentrate on going to classes to improve your job situation. Do not buy anything else on credit. Try buying what you need at a thrift store, or do without. You need to have as little debt as possible to improve your credit. Most of all, be patient. You could offer the landlord a lease option, or get him to give you the ';first right of refusal'; This means he has to offer it to you before he puts it on the market.
Try and clear your credit asap and don't take out any more.



If you do decide to buy next year, ensure you have a decent sized deposit of at least 10% pref. 20% and employ the services of a mortgage broker. He/she can take your circumstances into account and find the best deal for you. However, whilst it may not be too difficult to get a mortgage especially if the market picks up, you may have to pay through the nose for it.



Good luck
It is possible to obtain a mortgage with bad credit however you will be paying a higher interest rate and it will be necessary to have a deposit - around 15% would be typical.



This is not to say that within a year or so there wont be more options available to yourself but at present it would probably be best to concentrate on getting back up to date with all your repayments and trying to repair your credit score.



When the time comes for you to look for a home loan seek mortgage advice http://www.wwfp.net/mortgage/mortgage-ad from an independent broker to ensure all of your options are explained to you in detail.



Disclaimer:

The answers above are for guidance only and should not be acted upon without you receiving professional mortgage advice relevant to your circumstances. To find an independent mortgage adviser please go to http://www.unbiased.co.uk

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