Finding the right lender for poor credit score

Yula

Hello, I was wondering if anyone could help me?!
My partner and I need to apply for a mortgage although his credit score is fair and mine is poor as the result of a payment default on a store card 4 years ago. I understand this will not be discarded for another 2 years.

Neither of us have any debt, we're both on the electoral roll and have steady incomes. The property we wish to buy is only £52000 and we have a 15% deposit. I really just wanted some ideas around which lender would be prepared to give us a mortgage based on my poor credit. I don't really want to apply and get rejected as this will create a footprint on my credit file. We're desperate to start a family and this is holding us back at the moment

Does anyone know of any lenient mortgage lenders??

Thanks

BoGoF

What's your joint income?

Yula

£44,000 - We do receive bonuses but we haven't included those as they are not guaranteed

GMS

Do you mean a missed payment or a defaulted account?

If a defaulted account how much was it for? Is is now satisfied?

Yula

No it was a few missed payments on my store card which led to a default on my credit file. I paid off the debt in full when I realised. I have been told that it will stay on my credit file for 6 years.

GMS

It will stay on your credit file for 6 years from the date it was put on but if it is marked as satisfied it will look a bit better.

Get copies of your credit file to a broker and see how it looks.

How much was the default and when?

Do you have 'performing' credit on your report, i,e well maintained and no missed payments?

Yula

It was for around £360 and I paid it in full roughly about 3 years ago. I had a barclaycard also with no missed payments and I paid the remaining balance of £400 in full back in April 2010. I currently have no active credit.

TakingStepsToGetOnTrack

We were in a similar position a few years ago but the default debt was bigger and not paid off. It was 5 years old. We went through a broker who still managed to get us a main stream mortgage so don't assume the worse. Good luck

holly_hobby

You may also consider approaching a lender that doesn't credit score, but individually underwrites - local smaller building societies usually have this approach.

As a starter, Ipswich BS (have a google for their site) - who lend nationally for direct business, but do have geographical restrictions for intermediary business, have this approach, and may be able to help.

Good luck

Holly

Yula

Thanks everyone, much appreciated. Fingers crossed I get a mortgage!