My first Mortgage, with credit problems

pedroh_2

Hi everyone, im hoping someone on here can point me in the right direction as ive been struggling to get this problem resolved, ill try and put as much info in as possible.

i have a damaged credit file, 3 defaults ( 2 are settled ) and 1 still being paid off but it is registered as defaulted on the credit file. all these defaults are now just over 5 years from default date.

i got accepted for a mortgage at christmas, but at this time i had 3 credit cards maxd out( 2 x 3k and 1@2k) and a 7k loan, with no deposit to put down.

following on from this i consolidated 2 cards into a new 13k loan, but had 1 card outstanding. i applied again and this time got rejected. ( 3 months ago )

i have no cleared every overdraft and also the final credit card and have the 3k as a deposit. but i have this 13k loan over 7 years to deal with.

my question is, i have heard lenders ignore defaults over 5 years is this true?? or could anyone point me in the best direction to get the process started, or am i like people are saying pay the 3k towards the loan to bring it down before wasting my time again?..

any help or advise would be great,,, thanks

MortgageMamma

Hello,

First thing to realise is that you will get a mortgage but not likely a 100 one. You may need a 10% deposit as opposed to a 5% one. All lenders has differing attitudes towards adverse credit and its important you approach the right lender at the right time. Its not possible to really give any firm information off the details you have posted. Are you looking for someone to tell you which lender to go to? If so, I would recommend you speak to a whole of market mortgage broker as the adverse mortgage market is very complex