Will my credit history stop me getting a mortgage

choppy1

curious_ - i think that's right, you effectively have two people responsible for the same chunk of money (the full mortgage) i.e. adding additional applicants is really of no benefit, when it comes to the issue of credit scoring.

choppy1

leereni wrote: »

How long do you think he should wait until looking seriously?

I'd say you want a clear 3 years from your last default / missed payment (although this is less critical, depending on the lender).

It also helps to have numerous, well managed credit accounts.

leereni

Would it make a difference if the two people were married or financially tied in another way?

Dave_Ham

Hi,

Ok so I actually have a qualified opinion here as specialist area.

There will always be a solution with that size of deposit. You will need a good broker and there are many considerations.

You will require your Experian, Equifax and Call Credit reports for you and Dad.

How old is Dad
Does he have his own property
If not working in Uk, how is he paid and does he pay tax
Does dad want to be on the mortgage/deeds, or is this just to help
Have you used payday loans

These are just a few and you do not need to answer on the forum, just know the answer.

Some of the posts have been unqualified rubbish and a rubbish broker will get a 6-7 percent product.

Depending upon the details of the case, you shoud do better.

All the best

leereni

How do payday loans affect the criteria and how long back until they're less significant?

Dave_Ham

leereni wrote: »

How do payday loans affect the criteria and how long back until they're less significant?

Depends upon the case but certain non-prime lenders will not want to see payday loans within last 12-24 months

leereni

What about prime lenders?

Dave_Ham

Most highstreet banks will not care. If a close call, or go to the underwriters then sometimes they may cause an issue.

leereni

Interesting the way non prime lenders care but prime lenders don't. Sounds back to front to me....

Dave_Ham

Not really, the 2 tend to go hand in hand.

If someone has a historic default that prevents them for obtaining a highstreet mortgage and an underwriter looks at the case and there are payday loans on there; this is a red alert for a critical issue in the monthly budgeting of the client/s

Same as the banks do not really like cash advances on credit cards..