Dodgy credit mortgage advice

duggan1

Have spoken to a couple of local mortgage advisors to sound them out, but neither have responded very encouragingly, although when pressed for specifics both would only talk about local lenders (Northern Irish/Irish banks). Now it may well be the case that I'm currently a lost cause as far as a reasonable mortgage deal goes, and if that is so then that's fine. I would completely understand, but I feel I might be missing out so I do plan to talk to a more high street firm of advisors, but would appreciate the thoughts of those in the know on this forum:

Cons:
Fairly dodgy recent credit history
Defaults registered as satisfied 2011 (only paid off last month)
CCJ of £200 odd registered in 2011 and paid off last month (this was a housing benefit overpayment which I had disputed and didn't realise it had gone to court, but never mind)
Recent use of payday loans (only an inquiry appears on credit records)

Pros:
Have a very good deposit of at least 40% on price range I'm looking at
Stable employment
All debts now settled, apart from student loans

I've been told that the best I could do would be a 2 year fixed with fees over £2k and a rate of between 5.5 and 6%

This might be the case but I'd appreciate a 2nd, 3rd, 4th opinion.. Ideally I'd like a long term fixed rate with the ability to considerably overpay. I have 40K of a deposit and the most I'm looking to pay for a house is 100K, easily doable in East Belfast. In fact I've seen some very appealing properties in the 65-85K range.

Anyways enough waffle, and please be brutally honest if you have to. No heart set on anything, just interested in my options and if I have to stick the money away and keep renting for a few years then no problem at all.

Thanks in advance.

bigadaj

Advice you've received seems about right, and the only reason you would be offered anything is because of the hefty deposit. Presumably this is gifted, in which case it doesn't show any discipline of financial control or saving. Keep your nose clean for a year it two and offers will improve, both in terms of range and rates.

Thrugelmir

duggan1 wrote: »

CCJ of £200 odd registered in 2011 and paid off last month

No need to waffle. Cut to the chase. Red flag to a mainstream lender.
Automatic decline.

ACG

Speak to other brokers, the only reason i can see that might cause problems it the recent use - or enquiry of payday loans

Why are you using or even looking to use payday loans? This shows that you have affordability problems.

Putting that to one side though, presuming your banks accounts are not constantly overdrawn there should be no reason why you cant get a mortgage.

duggan1

Many thanks for the advice folks. I'll expand my search for brokers in the interests of completeness but no great surprises I'm sure.