credit adivce needed

JohnnyJohnny

Hi all,
I have a few questions about my credit history and future. A quick background on me. I have a long term job and am paid around 27000 a year, I have had payday loans, personal loans and credit cards, all these were not at very good rates, I have also lived in a large overdraft for a few years. I havent got any defaults or had a CCJ. I have checked Equifax and I have had one late payment a couple of years ago. I have made bad descions and been poor with money in my past but Ive turned a corner and I'm now wondering how my past will affect me.

I regularly get credit card offers through the post that offer 35% rates, when will these start coming down?

If I am completely debt free in a year, will mortgage brokers want anything to do with me?

My aim is to apply for a mortgage in a couple of years, is this too optimistic?

Is a mortgage advisor the right person to approach if I want to find out about how bad my credit history will affect me? Or a financial advisor maybe?

Any help would be greatly appreciated.

Cheers

Tixy

Hi

How recent will any payday loans be at the time you were thinking of applying for a mortgage? do you have any now? Don't take out any more payday loans between now and when you are thinking of applying for a mortgage.

If you keep on top of all payments now then a single late payment from a few years ago isn't likely to cause an issue.
The APRs on past cards/loans etc isn't visible or relevant to a mortgage lender, so once all your debt is paid off and you have built up a sufficient deposit then you should be in a good position to apply for a mortgage.

JohnnyJohnny

Its been 3 months since I got rid of the payday loans. I will be never resort to them again, so it will be 2 years gap from payday loans to mortgage with absolutely no credit anywhere and all payments made and on time.