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T O P I C R E V I E W
beau
Posted - 25 May 2009 : 15:39:21 does any one know of a good place to get loans/mortgages from after being discharged?? or is there any lenders for credit whilst still in br?
3 L A T E S T R E P L I E S (Newest First)
gettingoutofdebt
Posted - 25 May 2009 : 20:35:06 30% isn't really that bad nowadays although it is a lot of money. Even if you weren't BR banks nowadays want a good deposit and the days of the 100% mortgage are long gone.
Generally, mortgage lenders will always ask if you have ever been declared BR so the interest rate you receive doesn't always depend upon your credit score.
If you want to try to repair your credit rating and increase your score then something like the Captial One credit card (http://www.capitalone.co.uk/creditcards/classic-range.jsf) is better than a loan. This card also has an APR of 35% but if you pay it off each month, which is highly recommended, you don't pay any interest. With a car loan you will have to pay the interest even by paying monthly repayment.
How long ago were you declared BR? It is probably better to leave it 6 years after being declared BR before applying for a mortgage. By this time the BR will have completely dropped off your credit file, you would hopefully have had time to save up for a deposit and you could use the Capital One card, or something similar, to build up your credit file.
beau
Posted - 25 May 2009 : 19:31:02 elo gettingoutofdebt and thanks 4 ur reply again, 30% my god thats shocking! looks like i hav no chance 4 now then! if i take car finance out will it help repair my credit history and possibly make it easier to get a mortgage with a lower deposit??
gettingoutofdebt
Posted - 25 May 2009 : 16:51:43 I don't know of any companies but for a mortgage you are probably going to need at least a 30% deposit even after you are discharged and then will still have a higher than normal APR.
There are some companies that provide car finance to people who are BR/with a bad credit rating but they charge some ridiculous amount of interest around 35%.
