📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Will I ever get a mortgage!?

Options
Just want some advice for the future.

I got myself into an awful mess with payday loans overdrafts, credit cards, and all sorts of other debt.

I thankfully had a huge lightbulb moment earlier this year and am working hard to get this all paid off by early next year.

My question is, if I manage to get this all paid off by early next year, be debt free and then save save save for another 2 years, what do you think my chances of getting mortgage would be in the future? My partners credit rating is good and he doesn't have any missed payments or defaults, would this help?

I know that my defaults and late payments will stay on my credit file for 6 years, but is there any hope with 2 years of "good behavior" and saving that I could rectify this mess?

With less than 2 years until I turn 30 I would really like to get my life on track

Ever hopeful!

H :)
«1

Comments

  • hulahoop09
    hulahoop09 Posts: 689 Forumite
    I had and still have debt from back in my early 20's. Never any CCJs but a company who said they would help made things worse for me. In 2005 i went to CAB and a financial advisor there helped me contact all creditors and offer a small amount each month which will likely take me forever to pay but I can still have a life! I did this and in 2008 I needed to go onto the mortgage with my hubby and buy his dad out but I never thought I would get accepted. Went to halifax and passed for a mortgage!!! Was one of the happiest days ever. So I say i think you will be okay!!! :)
    July 2013 wins: Lilac Skoot, Night out for 2 at Nandos & Cineworld
    Best wins so far: £500, GHD styler, Tassimo T40 Machine
  • Haylezzmm
    Haylezzmm Posts: 30 Forumite
    Thank you so much for this reply. I can see light at the end of the debt tunnel but feeling very low about the prospect of ever getting mortgage. I never realised how important owning my own home would become to me.

    Its amazing how priorities change as you get older

    Just wish I had thought about this years ago! Hindsight hey!

    H x
  • i had a default last year, and have an excellent score on experian (962) and have been rejected three times for a mortgage, i have asked HSBC to remove the default and all of my other creditors i have no problems with

    i got declined by Halifax (already have a consent to let with them), principality, nationwide and Aldermore....

    this was a joint mortgage application and my other half has no credit problems at all....

    would i have to wait another 5 years before i can apply for a mortgage as a joint applicant? OH is now trying to get a mortgage in his own name with his dad as a guarantor (sorry for hijacking your thread Haylezzmm!!)
  • spadoosh
    spadoosh Posts: 8,732 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    OP, could be giving misinformation here but ive got it in my head that 3 years past default date makes it a bit easier (not guranteed) when applying for a mortgage!

    Any chance your partner could make the mortgage on his own untill you can get on?!


    Hellzbellz, that is exactly why credit scores do not work! How could you possibly have a credit score of 962 when you had a default a year ago?! Again i dont htink you have to wait the full term untill it drops off but it does have to be a decent amount of time.
    Sorry i know its not funny but 962 credit score with a default?!?!?!?!

    For future reference dont waste money on the credit score, go for your credit report, then you can make and educated decision on wether you would be likely to succeed in a credit application. Credit scores mean very little!
  • Spadoosh, i have complained to Experian as it was only becuase i had an "excellent" credit score that we went ahead with these mortgage applications!! RARGH!!!!

    anyhoo, lesson well and truly learnt now

    Haylezzmm - good luck to you hun and i hope you have better luck than meeeeeeee!!!

    (i hate HSBC :()

    xxxx
  • spadoosh
    spadoosh Posts: 8,732 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Photogenic
    Sorry you had to go through that! We had a bit of a bad time sorting our mortgage, only reason i have a rough idea about defaults and credit reports.

    Seems odd that there allowed to sell a product that has little/no refernce to what theyre advertising it for.

    Hope it works out better with the oh's application. Guessing you have but youve gone right through his report right?!?!
  • Haylezzmm
    Haylezzmm Posts: 30 Forumite
    Thanks guys!

    Spadoosh, OH couldn't take on mortgage on his own, his earnings wouldn't get us a high enough loan offer.

    Im hoping that if im a really good girl for the next 3 years we'll be able to do something, and get somewhere.

    Would love to hear from anyone that has been in the same sort of situation as me

    H x
  • yah, his is 878 (fair) but thats cus he has no credit cards and only one current account so has opened up a current account and is applying for credit card with Nationwide (advised by our mortgage broker) to up his credit rating a bit more to prove he can handle his finances

    i dont get why you get penalised for not needing any credit either!

    p.s where is Prestonia!?!?

    x
  • Haylezzmm - my friend had defaults about two years old and got a mortgage with Santander (before they changed all their terms earlier this year) so you might be ok!!

    just be prepared :)

    xxxx
  • go_cat
    go_cat Posts: 2,509 Forumite
    I've been Money Tipped!
    Don't take out any more payday loans as some mortgage companies won't lend to people who have them on their credit file

    Good luck
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351.1K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244.1K Work, Benefits & Business
  • 599K Mortgages, Homes & Bills
  • 177K Life & Family
  • 257.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.