mortgage and bad credit

GMS

speak to a broker. May be solutions for you

cmcardle21

I don't think that it will be easy at all with the 3 defaults and that they will look into it but was hoping that because they wer small and I have reason for not paying them an just didn't stop because I couldn't be bothered banks would take it all into consideration especially now that I am financially sound and could afford the mortgage

ACG

Im not sure I would want to go and tell a lender - I had credit commitments and then I went to uni knowing I had them and couldnt afford to pay them back... why would you make plans knowing you would be in a position to not be able to afford them or at least struggle? (you dont need to answer that, im just giving you an example of what an underwriter may think).

I dont think it will matter as there are lenders who will ignore them over 3 years old anyway but your reason isnt as good as you probably think it is. If you were to get a picky lender, they would ask why it has taken 3 years to satisfy small defaults... which coincidently is just before you apply for a mortgage.

This will be placeable based on what you have said, but there are lenders that would probably pull this pieces and decline it.

As I and 1 or 2 others have said, get a broker and you will be fine. Possibly high street rates, you may find you come up a little short and have to look at none high street lenders but you will not be looking at interest rates above 5.5% as a worst case scenario I wouldnt have thought.

cmcardle21

Thanks for ur help with this matter. Il c how I get in an fingers crossed it works out

happilymarried2013

Hiya,


My hubbie and I are in a similar situation. We have a 20% deposit on a house we've offered £58k for. We've been to a broker who has told us that there are lenders who will only lend for a mortgage of a minimum of 75k so we'd be better off looking for houses worth over £87k.
The mortgage will be in my name, as hubbie is setting up a business and not taking a wage but I have one default settled in May and I've been told its a no go and to rent for 6 months first. (I've been renting for 10 years and have moved in with in - laws who are keen to see us go as we're classed as over crowded )