Mortgage, Help?

jack666

Hi

I was wondering if anybody knows if you can still get a mortgage with a low credit score, me and my partner have our 10% deposit and applied for a mortgage with Halifax and got rejected, my credit score is low because I have 2 defaults on my credit file, I am still paying these defaults and have never not paid them, my default is a loan & overdraft I had, I have never missed a payment but I came out of work and could not afford the £350 per month, so I had to go through a debt agency to set up a plan where I could pay £50 per month instead. I am in full time work now & my partner is too. He has never had any bad credit but his score is low as he has never had any credit or been in debt, he has always paid cash for everything. Is there any banks/lenders that will allow you to get a mortgage based on your wages and your deposit or do they all take your credit score into account? thanks x

Dave_Ham

With a 10% deposit, your options are limited.

If you can get to 15% you may have options.

Best to get your Experian, Equifax and Call Credit reports to someone qualified, although 15% deposit will inevitably open more doors

Defaults are unfortunately a significant issue for the 6 years they remain on your file and a current AP or Debt Management marker is a showstopper at 10% too

themull1

We're having problems too, we have to go through a broker, and you probably wont get a mainstream lender, but maybe a sub prime one? i've got excellent credit, partner has two defaults, well, one default and a dispute. Try a broker who looks at all the mortgage products on offer to find the best one for you, and they will probably charge.

pearson27

get it manually processed by a bank who will let a human make a decision instead of a computer