Bad credit and looking for a mortgage... All help welcome!

jonnym8083

I have 3 defaults on my credit reports from 2-3 years ago.. I got made redundant and couldn't keep up with payments and entered a debt plan... Anyways I got back into work and have savings and I am looking to get a mortgage and get myself on the property ladder...I dnt won't to keep applying to lenders that will not touch me do does anyone know off any good companies that would consider me? any help welcome thanks

alexjramsay1

jonnym8083 wrote: »

I have 3 defaults on my credit reports from 2-3 years ago.. I got made redundant and couldn't keep up with payments and entered a debt plan... Anyways I got back into work and have savings and I am looking to get a mortgage and get myself on the property ladder...I dnt won't to keep applying to lenders that will not touch me do does anyone know off any good companies that would consider me? any help welcome thanks

Hi

Are you still in a debt management plan? If so even if your payments are being made on time it will probably affect your ability to get a mortgage for some time to come.

Who have you applied to?

Alex

Alex

jonnym8083

No longer in plan... What about mortgage broker or would it b more beneficial to have joint mortgage with partner who has excellent credit?

alexjramsay1

jonnym8083 wrote: »

No longer in plan... What about mortgage broker or would it b more beneficial to have joint mortgage with partner who has excellent credit?

Its a good idea to go see someone yes, as you can fully explore all of your options before attempting a credit score. Having a joint mortgage with someone with good credit may help you get a mortgage so worth exploring this option too.

Alex

jonnym8083

What kind of score for experian should I be looking to get to before applying? 800? 900?

rachelonna

Definitely would recommend a mortgage broker who will be able to look at all your circumstances, then tell you who is likely to be more lenient. These days, it is more difficult to get accepted for a mortgage if you have any kind of credit issues, however, there is no reason why you shouldn't try and apply to 2-3 people recommended by the broker.

Agree with someone else above who said that if you have a partner with good credit history, it may help. However, a friend of mine decided to go it alone when her partner had one blemish on his credit report. Maybe an option for you too?

Last but not least, would recommend that you are conservative with the house you set out for. Banks may ask you for a bigger deposit with your circumstances, so the cheaper the house, the bigger your deposit. Also make sure you give yourself as good a chance as possible by showing them that you're back on the straight and narrow after your initial issues - bank statements from the last year to show behaviour + payslips for the last year should hopefully do the trick

Good luck!

Thrugelmir

jonnym8083 wrote: »

What kind of score for experian should I be looking to get to before applying? 800? 900?

Not relevant as such. Each lender obtains data from different sources and then scores you in a different way.

Just make sure you pay all obligation on time. Steer clear of using an overdraft. Finally put down the best deposit you can. A record of regular saving helps as well.

Dave_Ham

Depending on deposit, you would sound mortgageable now.

There are many variables but do not worry about Experian score, the lenders use there own credit scoring platform..

Do you still have any existing credit lines?