Bad Credit History can I get a Mortgage???

jazzythumper

This was previously posted in the credit card section of the forum, but it was suggested to post this over here

A few years ago I completely messed up my credit rating, well in April 2008, I defaulted on a credit card ( I wont go into why but I was pretty messed up at the time!). The default has now been settled in July 2010.

Since then i haven't been able to get any credit cards until last summer, when I managed to get a Capital One card designed to rebuild a credit rating (and even had the limit increased on it), at the time my rating was around 760 on my Experian rating, since then i managed to get another card which made my rating drop to just under this. It was a card i could transfer a balance too interest free for 15months or so.

Stupidly for some reason I didn't set up a direct debit to pay the minimum balance each month and i missed the payment date by 5 days. Since the default there was nothing bad on my file, I am seriously concerned that this will have messed up my credit score for a long time!

I hadn't done anything to mess up my credit score since that default, but before my missed payment my score was 635. I assume now it will drop lower.

The it says that the recent cards and credit searches have damaged my score. If i continue to repay them continually will there be any way i can get a mortgage any time soon?

We have between us a deposit of around £50,000 and are looking for a Mortgage of around £200,000 (£200,000 in total) to allow us buy a flat in London somewhere.

I currently earn around £25,000 a year and my girlfriend £20,000
We rent cheaply at the moment in her parents house, can could easily afford repayments of upto £1,000 a month.

Any advice would be greatly appreciated.

Thanks

jazzy

jazzythumper

anyone able to help?

samtoby

I am sure there will be a company that will be able to cater with your decent deposit. Just might be sub prime as most lenders won't accept any defaults or any negative credit!

Gary123456790

Hi,

Sounds like you need to find a good mortgage broker who can assess your financial history.

By the way, the credit 'score' is basically inconsequential. It is just a number the credit history company generate so they can charge you to view it, based on whatever criteria they choose.

Different mortgage companies will rate your credit history differently, they never look at the 'score' but only specific items on your credit history which are more or less appealing to different lenders.

It would be wise to get copies of your credit report (the £2 statutory one will do) and take these to the broker.

Gary.