Can u get a mortgage if u have bad credit record

masonj3

Hi, am looking for some advice to see if its possible to obtain a mortgage with a bad credit file.

Equifax have allowed a debt collection agency to register and record an "otstanding debt search" on my credit file. This doesnt show in the "debt section" of my credit report only in the "other searches" section.

I raised a dispute as I do not know of this company nor do I owe any money. Efax came back to me and said that the search remains as the company say that I owe them money. I as Efax to obtain such proof but they have refused. This search remains on my file for six years from date of entry {April 08}

I wrote to the company recorded delivery and they have ignored my letter, I contacted their trading standards but heard noting and contacted ICO but have been told am looking at a minimm of 12 wks before they can look into my case.

I am wanting to move house and dont think im going to be able to get a mortgage. I ve had a current account and catalogue declined hence me obtaining my file.

So based on all this would there be ANY lenders who would consider a mortgage?? I have a property worth £140 {no mortgage} and looking prob for a 50-60k mortgage based on income of £18k.

Thanks x

koexelek

I'm sure it will be possible at that loan to value.

Expect high interest rates and high set up fees though

masonj3

Thanks for that , am presuming given the circumstances that i will be better off using a broker rather than a hight street lender ??
Thanks x

koexelek

I'd say so.

A decent broker will have a pretty good idea where to place it.
I doubt if many high street lenders would do it, so you might need to look at more specialised lenders that brokers will know about .

Good luck

herbiesjp

Indeed

Use a whole of market adviser.

They will try and get you the best rate based on your circumstances, however based on what you have already posted it will be difficult to go high street.

There may be some lenders more sympathetic though and willing to listen, but in the current climate it will need a good discussion with the lenders via the broker to establish if high street rates could be available.