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    • Lew602
    • By Lew602 20th Mar 17, 10:53 AM
    • 3Posts
    • 0Thanks
    Lew602
    Default and new mortgage
    • #1
    • 20th Mar 17, 10:53 AM
    Default and new mortgage 20th Mar 17 at 10:53 AM
    In the last 2 years I've aquired a few pay day loans and not been able to pay them off. These have all defaulted. Lucky I've just inherited 80000. I would like to try and get a mortage. If I paid off all my depts what would my chances be of getting a mortgage. And will m credit score go up? Thanks for reading.
Page 1
    • zx81
    • By zx81 20th Mar 17, 10:54 AM
    • 14,154 Posts
    • 14,850 Thanks
    zx81
    • #2
    • 20th Mar 17, 10:54 AM
    • #2
    • 20th Mar 17, 10:54 AM
    Settled defaults look better than unsettled ones. That's all we can tell you. You'll need a broker if you have a patchy credit file.

    Anything your credit score does is irrelevant. Ignore it.
    • StopIt
    • By StopIt 20th Mar 17, 11:37 AM
    • 1,392 Posts
    • 1,184 Thanks
    StopIt
    • #3
    • 20th Mar 17, 11:37 AM
    • #3
    • 20th Mar 17, 11:37 AM
    Remember lenders will be looking for long term affordability.


    Can you afford a mortgage once you've used the lump sum? Defaulted PDL loans, settled or not will be a massive "awooga" to many lenders. What is the rest of your credit history like? Any other defaults, CCJ etc? Your full history will be important here.


    As above, go to a specialised broker, and do not aim higher than your means because you have a lump sum now.
    • Lew602
    • By Lew602 20th Mar 17, 1:27 PM
    • 3 Posts
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    Lew602
    • #4
    • 20th Mar 17, 1:27 PM
    • #4
    • 20th Mar 17, 1:27 PM
    Thanks for the quick replys. I'm Def sure I could afford the repayments. I'm paying 700 a month rent at the min, and hope that if I'm able to get a mortgage the repayments will be around 500 or less. I'm always on time with rent. Would proof of this also help? I'm earning 27000 a year before tax and have been in this job for nearly 15 years.
    • Lew602
    • By Lew602 20th Mar 17, 1:34 PM
    • 3 Posts
    • 0 Thanks
    Lew602
    • #5
    • 20th Mar 17, 1:34 PM
    • #5
    • 20th Mar 17, 1:34 PM
    No ccjs either sorry nearly missed that. The defaults are all from last year. Was all fine until then
    • nic_c
    • By nic_c 20th Mar 17, 9:28 PM
    • 1,089 Posts
    • 620 Thanks
    nic_c
    • #6
    • 20th Mar 17, 9:28 PM
    • #6
    • 20th Mar 17, 9:28 PM
    Get a broker who can handle adverse credit. You can do an initial enquiry with a few to see if one gives a reasonable response (I had to use an adverse credit broker and a couple I contacted initially wanted to push me into the direction of specialist lenders or give them a couple of weeks to make enquiries. I went with a broker who told me he'd recently a client in a similar situation he'd sorted with a high street bank mortgage, said he could do similar for me, and did)
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