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Mortgage Advice - Bad Credit
jonmon86
Posts: 3 Newbie
I have recently been put in a position where I am able to buy a house. Unfortunately my recent credit file does not look good:-
- I have usage of payday loans on my file. This became a problem in my life and I took out a credit union loan to get out of the cycle. I paid off all I owe to pay day loan companies last month.
- The credit union loan will be paid off at the end of February by using the money I have for a deposit.
- I have two defaults, both over 12 months old.
- I have applied and received a low limit credit card to build up my credit. I will pay this off monthly.
- I have £25k for a deposit and am looking for a home worth £90k.
It is clear to me now that I do not have a chance of getting a mortgage at this time. Can any one tell me how long I need to wait before it becomes a possibility and is there anything else I can do to make me more attractive to lenders?
- I have usage of payday loans on my file. This became a problem in my life and I took out a credit union loan to get out of the cycle. I paid off all I owe to pay day loan companies last month.
- The credit union loan will be paid off at the end of February by using the money I have for a deposit.
- I have two defaults, both over 12 months old.
- I have applied and received a low limit credit card to build up my credit. I will pay this off monthly.
- I have £25k for a deposit and am looking for a home worth £90k.
It is clear to me now that I do not have a chance of getting a mortgage at this time. Can any one tell me how long I need to wait before it becomes a possibility and is there anything else I can do to make me more attractive to lenders?
0
Comments
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How much were the defaults and when? Have they been satisfied?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Both defaults are satisfied. They were for £318 and £168. Both are over 12 months old.0
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What are the exact dates, are they over 2 years old?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Neither are over two years old. One was settled in September 2011 and the other in May 2012 (earlier than I remember). Does over two years make alot of difference?0
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Still could be options for you.
Speak to a broker.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yeah, unfortunately..
That and payday loans mean you are probably at least a year away from a mortgage..
SorryI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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