Will I ever get a mortgage?

kelly023

Hi all,

I'm 28 and have a good income (£32,000) I'm in a good place financially now but have not had a pretty background. I don't think I have defaults although i have frequently made late payments or missed some completely.

My credit cards were always maxed and i've had a few payday loans in the past.

Now my partner and I are both in work finally after a hard 6 years I have the money to save for a deposit. I know I would not be touched for 2 years, but if I bring my credit cards down and not miss a payment for the 2 years could I get a mortgage?

I dont want to keep renting.

Thanks

Kelly

ACG

Why would you not be touched for 2 years?

Pay day loans some lenders have issues with but so long as they are all over 12 months old you should be fine.

If it is just late/missed payments then its not the end of the world.

It will depend on your deposit amount and your credit report as a whole.

Speak to a broker, with just missed/late payments and pay day loans, I would be relatively confident there will be an answer.

kelly023

Thank you,

When I was researching on the internet it said if you have bad credit you'd need to wait 2 years to improve your credit rate before you can.

Some one has reached out to me who is taking a look at my credit report so hopefully it will be good news. I'm not expecting a mortgage tomorrow but i would like a mortgage by the time i'm 30 :-)

Thanks

Kelly

Dave_Ham

Hi Kelly,

Ensure the person helping knows enough to be able to determine your position from a credit report. Ideally this would be Experian, Equifax and Call Credit as this gives a full picture.

Do not worry about the credit file remarks or scores as they are worthless.

If you have no defaults, then potentially as suggested you could be good to go now although 1-2 years of good payment history and certainly a goer.

All the best

kelly023

Thanks very much for your advice, yes definitely no defaults.

Just need to get the last bit of my deposit and then I might be in for a chance by the sounds of it.

thanks!

Kelly

ACG

This is the problem with the internet, the information is all very generic or aimed at someone else. It can give people false hope or like in your situation potentially put you off when it could be possible.

Definitely worth looking into though.

kelly023

Yes I agree.

I know I haven't got the best credit history but by no far the worst. Its the embarrassment of my past which is why I guess I used the internet in first instance, as I was just imaging a financial advisor looking and saying "your never going to get a mortgage". Or why you do this?

I'm sure they wouldn't but I had those fears to begin with, but now I really want to own my house so had to put those fear behind me and just say right I need to know what I can do.

Thank you for your help.

Kelly

ACG

Some brokers (typically the less experienced/lazy ones) may just say no chance.

Brokers with some experience will know the questions to ask and the lenders to speak to in order to give you the best chance of it going through.

Ive spoken to a few people who have been told no chance by brokers but then managed to get it through and at decent rates. So even if a broker does say no, try another. Just ensure any broker fees are payable on you actually getting a mortgage rather than an application.

kelly023

I will thanks again for all your help.

Thanks

Kelly