Mortgage with poor credit history

headstar

Hi there

I've recently finished paying off debts that I had for 6 years :j

but now we're getting married later this year and will be looking to see about buying a house. We've been renting for 6 years and it's really starting to annoy me now - want a home of my own!

So my question is this..... if I leave it for a few months and try and apply for a mortgage in principle, will we be knocked back?

My boyfriend's credit is reasonable (has gold cards etc yet Halifax won't upgrade him to a current account :rolleyes: ) and I've had nothing new since 2000 which I've now paid off

I've been told that it will be easy enough to get a mortgage with poor credit because it's a secured loan

any thoughts?

Thanks

AndrewSmith

Hi,

It really does depend on the extent of the previous poor credit and how and why it occurred.

Post some more details and lets see if there is any further guidance we can give. It would be useful to post also the following for you both:

Ages
Employment and earnings and how long have you been there
Current Loans / are they up to date, and balance
Credit cards / are they up to date, and balance
Any deposit you may have

This will do for starters.

Andy


Thanks

herbiesjp

Having debts for the last 6 years does not mean you have poor credit.

Now if you missed payments, had late payments or had CCJs then that would be a different matter.

All lenders havee got different ways of looking at porr credit history, so there is not a clear cut yes or no answer.

A look at both of your credit files - you can get these via Experian or Equifax - should show up any "bad" history

I would suggest talking to a good adviser though, who may be able to get you "normal" rates even with some bad credit history.

headstar

OK, basically it started off with me getting a credit card and a store card both in quick succession, using the limit and then ignoring letters that came through!

I buried my head in the sand and hope they'd all go away...obviously this never happens!

They caught up with me and I made arrangements to pay them all last year the amounts were roughly:

credit card £800
store card £600 (but the lovely people at the collection agency reduced it to £300)
loan £1500
old electric bill £200

now I know these are paltry amounts but I was a student at the time and basically only ever made the first few payments on each.

but because of these defaults etc I now can't get a thing

we aim to get a decent deposit saved up as we know this will help enormously - just want to know that there is hope really!

cooldudecol

I'm going through exactly the same thing.

I'm a FTB and looking to apply for my first mortgage with my fiancee. I have a good credit rating, but my fiancee has had several late payments, accounts with payment arrangements on (within last year) and a two defaulted accounts (over 5 yrs ago).

If my credit rating is good, will that help in getting us a mortgage? And will it affect my credit rating if I get this mortgage with my fiancee?