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Bad credit mortgages

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Mrs_moo
Mrs_moo Posts: 4 Newbie
in Mortgages & endowments
Hi I am new to this but I have searched the net for advice or to hear others experiences of bad credit loans. Anyway I am recently married my husband owns our house and we have around 35-37k equity in this house. The house went on the market yesterday. 12 months ago my husband closed his business of after 12 months of struggling to get it off the ground and got a well paid full time job. However during the 12 months of him being self employed he's ruined his credit score by several late payments. Now twelve months on he has settled all debt but his ccard of which he makes monthly payments. His experian score is poor. Mine however is excellent I have never missed a payment. I have car finance of 15k and 3800 on my ccard. Halifax said there would be no problem with hubby's situation as he had valid reasons and offered us a mortgage promise. They have now withdrawn it after credit checks and told us to try again in six months...... What is the likelihood of us getting a bad credit mortgage,... Has anyone had one? I am very disheartened :(

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Suggest you consult a mortgage broker. They can review your credit reports and suggest the most appropriate lenders for your circumstances. In the meantime continue to address your debts.
  • Mrs_moo
    Mrs_moo Posts: 4 Newbie
    We have just started the process with a mortgage broker. There isn't much we can do debt wise as all his is resolved. All our monthly payments are up to date
  • ACG
    ACG Posts: 24,558 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    How much are you looking to purchase for?
    How much will your deposit be?

    What is on the credit report? Is it just late payments or are there any defaults/CCJs etc? If so when are they dated?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Mrs_moo wrote: »
    All our monthly payments are up to date

    Bring the debt level down. Don't just make the minimum monthly repayment. Lenders have a considerable insight into how you manage your accounts.
  • Mrs_moo
    Mrs_moo Posts: 4 Newbie
    We both pay over min payments. His is experian 694, around 6 late payments . Mine is 974. We want to borrow around 180 and have a deposit of 30-35k
  • ACG
    ACG Posts: 24,558 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Hard to answer without answers to the questions but I would say if you find a broker there will be lenders open to you.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • amnblog
    amnblog Posts: 12,728 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If your broker is experienced you will either find an option now or be told what you need to do/wait for until you have an option.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Mrs_moo
    Mrs_moo Posts: 4 Newbie
    I really hope your right we are desperate to move house. E thought of another five six years at ours upsets me greatly
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