Bad credit! Any chance of a mortgage? Anyone with success stories 😊

helzyb

Hello
Thank you for reading my post!
I am trying to sort my finAnces in preparation for a mortgage but my finances are poor!
I have a salary of 26000
A deposit of 12000
I would like a house for around 75000!

I have 3 defaults as follows
Default a 236 pounds 2010 (will be satisfied January)
Default b 436 pounds 2014 (satisfied)
Default c 154 2009 (unable to satisfy as can't find out who they are)
Ccj satisfied June 2009 (will fall off in July)

As you can see it's not pretty I just want a stable home for my 3 children one who has a learning dissability.

Husbands credit score similair on 16000 wages was planning to apply solo.

Any tips or advice would be great.

Thank you

Thrugelmir

Take a longer term view. Apply jointly with your husband. Address your credit issues/ let time heal your record. Meanwhile keep building the deposit.

Totally in your hands. Keep plugging away. As is certainly achievable.

Butti

I would suggest you keep plugging away. Try maybe after a couple of years clean living. I needed to demonstrate that my circumstances and behaviour had changed.

Consider going for a shared ownership properties. The company I work for do some nice ones with good light, storage and space.

kingstreet

The recent default is very unhelpful.

I suggest you speak to an independent broker now to work out what you will be able to do and when...

helzyb

Thank you for your replays ��

Westminster

There are varying grades of bad credit history. Mine WAS very poor due to issues outside of my control but time healed the majority of them and a good broker (found on here) did the rest.

Kapaxiana

I mucked up my credit report by stupid reasons and have been having the hardest time trying to get a mortgage.

Basically I have 2 defaults, both paid within 1-2 months of the default happening. First one (2010) was a course I deferred before it started and I wasn't aware I still had to pay (yes I was naive). I moved and by the time I picked up letters at the old address it was too late the damage had been done. The second happened last year which damaged my records more being so recent. Ordered something online with a payslip to pay at the post office. Went away before the package arrived. By the time I came back there was a nice letter with the default notice, I rang them up straight away but again it was too late.

My husband's credit history is squeaky clean. I have 2 store cards which I have on direct debit so although there are 2 settled defaults (which I have added explanations to) lenders can also see that I pay other bills on time. Have no debt or unsecured loans etc. Both mu husband and I have secure jobs.

With a 20% deposit (gifted), we were asking to get a mortgage of £192k. We were turned down by 3 lenders since May. Then Kensington gave us an AIP. We decided go to with Kensington and then once the product expired we would be in a better position and more likely to be accepted by a high street lender.

Just as we had an offer accepted on a property my friend told me to speak to her broker. He liaised with Natwest who has now accepted to take us on board.

Bottom like is, it has been a hell of a journey full of ups and downs but the most important thing is to not give up! You just need to find the right broker with the right connections. Unfortunately it does not happen overnight and we have found that it takes a long time to heal one's credit history..no matter how much damage there is...

helzyb

Thanks again for the replys and congratulations on rumour approval and thanks for sharing your story gives me some hope for the future will keep saving as suggested 😊

paul1988

Hi there,

Dont know if this helps,got a mortgage offer with leeds building society,i have 2 defaults which the company's will not remove,i wasnt on the electoral roll at the time off application,i did go through a broker which probs did help me alot and it was manually underwritten and not by a robot.
They are yet to release funds but thats due to the sellers solicitor.

Hope this helps

Jason_Bourne_2

paul1988 wrote: »

Hi there,

Dont know if this helps,got a mortgage offer with leeds building society,i have 2 defaults which the company's will not remove,i wasnt on the electoral roll at the time off application,i did go through a broker which probs did help me alot and it was manually underwritten and not by a robot.
They are yet to release funds but thats due to the sellers solicitor.

Hope this helps

What was the date and value of your defaults?

Well done. I'm hoping to move house the next 6 months.