Mortage advice , bad credit histiory and struggling to get approved

marcuszs

Thanks for the help , going to look into local brokers tonight and go from there .

Dave_Ham

Good luck - try and get a recommendation if you can as you will require an experienced broker and steer clear of any Estate Agency ones - typically these are the least experienced..

Thrugelmir

marcuszs wrote: »

Yes and all debts were cleared then .

18 months isn't very long from an underwriters perspective. When assessing risk.

The deposit also comes from inheritance not money you've saved. Regular saving is viewed as a discipline that is looked for.

marcuszs

So the fact that we have been living within our means , saving a small amount , paying rent ect ect won't be looked at ?

It's frustrating as in the last 18-24 months my life has changed a dramatic amount and iv had to stand on my own 2 feet , all I want to do is provide a house for my family and I'm frustrated that I can't .

Beckyy

Is there any reason why you haven't paid the credit card off from the money you have? I assume you're paying interest on it.

marcuszs

Beckyy wrote: »

Is there any reason why you haven't paid the credit card off from the money you have? I assume you're paying interest on it.

They money that we have for a deposit is half the value from the house we are currently living in .

There is a small interest on the car insurance but compared to the extra £500 to pay monthly it's not a huge amount , we ate currently clearing it as quick as we can , hopefully within the next few months .

Thrugelmir

marcuszs wrote: »

It's frustrating as in the last 18-24 months my life has changed a dramatic amount and iv had to stand on my own 2 feet , all I want to do is provide a house for my family and I'm frustrated that I can't .

We all empathise with your situation. Unfortunately in the real world there's a price to pay for financial irresponsibility. That only time can heal. As its the only measurement of a change in attitude. Statistically once a lapse more likely to lapse again in the future.

marcuszs

I'm not after simpothy , I know I was irresponsible and in a way I'm glad that I put myself in that position and it's one thing I will never do again , one of the worst feelings.

I understand that company's use statistics so worst case sinario how long am I looking before I could get approved ?

GMS

Don't look for worst case scenario, look for best.

You may be able to get approved now. Speak to a decent broker and see if there are options for you. Get copies of your credit file and go from there.

Having a deposit of 80k is greatly in your favour. It could open up 'Near Prime' lenders.

Good luck

marcuszs

Got a meeting booked with a local advisor this weekend , they deal with adverse credit mortgages which from looking could be what I'm looking for?