Mortgage and Bad Credit Rating

lula23

I earn around 9k a year, the rest is my bursary and tax credits

herbiesjp

Right

The combination of the adverse credit, and low income will mean having little chance of getting this agreed.

Not many lenders accept bursary income, and the ones that do, will want no adverse credit history

lula23

Ok thank you for your advice.

Cant believe im going to have to rent ,my mortgage is only £175 a month at the moment and rent in this area is going to be around £900.

Can i ask ? how long do you think theyll look at credit history as being bad,ive owed nothing to anyone for well over a year now .

herbiesjp

Well, adverse credit stays on your credit file for 6 years.

How far into those 6 years the lenders will look at it, is up to them I'm afraid.

In the current climate, it will be difficult to get.

But it is your income that will also continue cause problems until you go back into employment i.e. no bursary income

lula23

Ok thank you very much for all your help x