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    • orange86
    • By orange86 11th Jan 18, 7:01 PM
    • 6Posts
    • 0Thanks
    orange86
    credit file concern
    • #1
    • 11th Jan 18, 7:01 PM
    credit file concern 11th Jan 18 at 7:01 PM
    Hi, i've got a chequered past when it comes to my credit file.

    I'm looking to take a mortgage out in may/june time. I'm on £38k plus small bonus, full time employment and £2k of credit card debt which i hope to clear off by end of feb.
    By may / june im hoping to have £15k of savings for a deposit.

    However i have checked noddle and my credit rating score is 572 (3/5 average) plus i have loads of late payments.

    Phone contract - May 2014 late payment
    credit card - 1 late payment in august 2012
    credit card - 1 late payment in jul 2012
    orange phone contract late payments in Feb, March, Nov and Dec 2012
    5 payday loans taken in 2012
    2 payday loans taken late in 2013

    im concerned about all of this and fact that 2012 history is still on my credit file !!?
    the last 3 years have been decent where i've paid my credit cards and loans on time.
    i worry that lenders will see my past history and decide not to lend even though in recent years i've been on the straight and narrow.

    any advice on my poor credit file?
Page 1
    • kingstreet
    • By kingstreet 11th Jan 18, 7:14 PM
    • 32,620 Posts
    • 17,560 Thanks
    kingstreet
    • #2
    • 11th Jan 18, 7:14 PM
    • #2
    • 11th Jan 18, 7:14 PM
    All more than three years old and likely to be high street options available.

    £15k deposit on £300k purchase is 5% and fewer lender options. £15k deposit on £100k purchase is 15% and more lender options.

    Get broker assistance.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • orange86
    • By orange86 11th Jan 18, 7:30 PM
    • 6 Posts
    • 0 Thanks
    orange86
    • #3
    • 11th Jan 18, 7:30 PM
    • #3
    • 11th Jan 18, 7:30 PM
    prob looking at £175k house top level of my budget.
    ideally look to pay less but guess my lending ability will dictate terms.
    • kingstreet
    • By kingstreet 11th Jan 18, 7:36 PM
    • 32,620 Posts
    • 17,560 Thanks
    kingstreet
    • #4
    • 11th Jan 18, 7:36 PM
    • #4
    • 11th Jan 18, 7:36 PM
    An LTV of over 90% usually requires a clean credit history.

    Broker assistance essential.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • sr1527
    • By sr1527 12th Jan 18, 10:52 AM
    • 7 Posts
    • 0 Thanks
    sr1527
    • #5
    • 12th Jan 18, 10:52 AM
    • #5
    • 12th Jan 18, 10:52 AM
    Hi Orange86,

    My situation sounds similar to yours! We have a broker and they have found us a deal with 90% ltv fixed for 2 years at 3.74% and we hope to be getting an AIP in coming days, will let you know how that goes but the broker seems confident.

    The more deposit you have the better, but dont be scared you wont know until you try. I was nervous as hell but talking to a broker calmed me down.
    • orange86
    • By orange86 15th Jan 18, 8:06 PM
    • 6 Posts
    • 0 Thanks
    orange86
    • #6
    • 15th Jan 18, 8:06 PM
    • #6
    • 15th Jan 18, 8:06 PM
    ok thanks SR, keep me posted on how your mortgage process goes.
    • sr1527
    • By sr1527 20th Jan 18, 9:02 PM
    • 7 Posts
    • 0 Thanks
    sr1527
    • #7
    • 20th Jan 18, 9:02 PM
    • #7
    • 20th Jan 18, 9:02 PM
    Hi Orange86,

    We got our aip sonpleased now for the full application so fonners crossed that all goes well!
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