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Could I get a mortgage?
Hummerman
Posts: 1 Newbie
Hi,
It's going to be a long story but any advise would be appreciated.
Back in 2005 I was in serious debt, to the tune of 100k with no assets. I was barely making minimum payments and sometimes skipping a few. I was offered a job in the middle east and took it. The job is well paid and after I left the UK I approached all the credit card companies to do a final settlement deal. I then took a loan out with my local bank and cleared the cards. All I was left with was two loans, one with a bank and one with a building society. Since 2006 I have not missed a payment and sometimes pay a bit extra.
Now I have saved around 110k to go towards a deposit on an apartment. I will probably need a mortgage for approx 45k. My question is, after all my bad credit between 2002-2005 would I find it difficult to get a mortgage?
I intend to return to the UK at then end of 2010.
It's going to be a long story but any advise would be appreciated.
Back in 2005 I was in serious debt, to the tune of 100k with no assets. I was barely making minimum payments and sometimes skipping a few. I was offered a job in the middle east and took it. The job is well paid and after I left the UK I approached all the credit card companies to do a final settlement deal. I then took a loan out with my local bank and cleared the cards. All I was left with was two loans, one with a bank and one with a building society. Since 2006 I have not missed a payment and sometimes pay a bit extra.
Now I have saved around 110k to go towards a deposit on an apartment. I will probably need a mortgage for approx 45k. My question is, after all my bad credit between 2002-2005 would I find it difficult to get a mortgage?
I intend to return to the UK at then end of 2010.
0
Comments
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Shortest long story we've seen on here...
Check your credit history for defaults/problems. http://www.moneysavingexpert.com/loans/credit-rating-credit-score#files0 -
You would need to get a copy of your credit report.
And then based on the information on there, it would be easier to see if it is possible.
The deposit is very good, and will help open doors for you.
You would need to speak with a good whole of market adviser who has dealt with these scenarios before.I am a Mortgage AdviserYou 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.0
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