Bad Credit and Small Deposit

If you have bad credit and do not have a large deposit then you may still be able to get a mortgage.

As a guide the following deposits are required:

With a high adverse rating you will need a 15% deposit

With a medium adverse rating you will need a 10% deposit

With a low adverse rating you may get away with a 5% deposit

The level to which your credit is impaired will dictate the deposit you will require. A lot of people have low adverse credit and do not even know it. This can be due to missed store card payments, or a dispute with broadband. Indeed, it is not uncommon for people to find they have slightly impaired credit only when they go to get their mortgage.

The best way to find out if you have any marks on your credit file is to contact one of the major credit bureaus:

Experian Consumer Help Service
Tel: 0115 976 4050
www.uk.experian.com

Equifax Plc
Credit Advice Centre
Tel: 08705 143700
www.equifax.co.uk

Getting help and advice

If you are in the position where your credit is getting in the way of what you want to do you are not alone. Thousands of people are in the sames boat as you. Below are three ways to get help and advice to find a solution to your bad credit history. In time you will look back and your bad credit will be history. All you need is good advice and positive action.