bad credit morgage

oranges1

Over the last few years i have been careless with my finances causing a bad credit history. I have now paid all my debts, however still have 6 defaults for this year showing on my credit file. Having recently been turned down for a mortgage by rbs for a house valued at £210000 with a deposit of £85000. I have seen another property valued at £145000 which i would require a mortgage of £30000.I am in full time employment with a salary of £39000 per annum would anybody consider my application

GMS

Possibly but you would need a broker and expect to pay a higher rate than usual.

When exactly were the defaults and for how much?

Where is the property?

Thrugelmir

How recent are the defaults?

Were your debts repaid in full or partially settled?

oranges1

Defaults were for a credit card bill and for Orange Mobile. Last one settled 4 months ago. Approx £80 and £40. Property is in Glasgow.

jamesd

Sheesh, that's bad. Not the low amounts but how recent and frequent they are. You're really going to give lenders the impression that you just can't be trusted to manage your finances properly. And that means that you'll pay through the nose in interest rate to any lender willing to take the risk.

If there's no huge urgency, give it at least a year since the last late or missed payment or default.

No harm in asking a broker but also ask them what it'd look like a year after the last one instead of now.

Dave_Ham

The important date is when the default was registered and not when satisfied.

There will definitely be a solution here due to the big deposit, although banks will want visibility of where the deposit has come from.

Definitely a broker case, be worth you getting your Experian, Equifax and Call Credit files in advance..

All the best

oranges1

Thanks for help, the house I was interested in was sold 20 minutes before I was due to view it!

Conrad

Lenders that can consider some adverse credit are;

+ Kensington
+ Aldemore
+ MBS lending
+ GE Money
+ Platform (when lending)
+ Your local Building Societies

If the defaults are years old, you can also try ordinary high st lenders.

Watch out for brokers fees and them trying to sell you thier own insurance.