Mortgages and rebuilding credit history/problems

Jambo5

Hi guys..

My recent posts have sparked some good advice.
To keep things simple, I have adverse credit which is gone next July(6 yeas up:). I have up to 5 missed payments on one account which was 'settle' 4 years ago. And Pay day loans, last one dating May 2012.

I have a 10k deposit with the wife. And looking to buy a house for 100k. My wages are 27k and hers are 15k. Her credit is very good.
I wont apply for a joint mortgage till the adverse goes away next year so will still have them missed payments and pay day loans on report.

Now there has been some very good advice and I was already doing it all before it was suggested. I'm on electoral roll, I have a CC, phone contract, utilities etc all green lights. Had phone contract for 5 years and this credit card for 18 months.

So although the advice is great and I know Mortgage Brokers will probs be the way to go....is there anybody out there that has been excepted for a mortgage in a similar position. I'm aware each lenders criteria is different and the no body can definately say 'yes Jambo5 you will get a mortage'....
I'm after Success story's.......

Me and partner have excepted that we want to keep saving...as this will make it a whole lot easier but I'm in Army and desperate to get out and thought of saving for an extra year sounds pain full .....
Thanks again

amnblog

I would be more confident with 15% deposit Jambo but it could be doable with the right broker.

Jambo5

Cheers.

As i've said in another thread.

Defaults, CCJ's etc write you off for 6 year.

So a good, clean and update report over the last 4/5 years can be completely thrown out by Missed/late payments even over the age of 4-5 years.

So to me.....missed/late payments can have almost the same results on decisions as Defaults/CCJ's would.

They should teach school kids the guidelines when it comes to credit. Maybe I would of listened but even if I did a recession comes along and you cant pay things, now feel like a criminal.
When I finally get a Mortgage, I can see me getting a tad drunk. Hahaa

amnblog

Lets go back to school then Jambo

Jambo5 wrote: »

Defaults, CCJ's etc write you off for 6 year. NO THEY DONT

So a good, clean and update report over the last 4/5 years can be completely thrown out by Missed/late payments even over the age of 4-5 years. NOT NECESSARILY

So to me.....missed/late payments can have almost the same results on decisions as Defaults/CCJ's would. NO

Jambo5

I wish I could go back to School. Ha.

Yeah I appreciate what you are saying.
Surely there are brokers that deal with missed/late payments etc.
Roll on next Summer...fingers crossed

amnblog

Defaults do not write you off for 6 years


Defaults are treated differently to missed payments


A broker with experience of poor credit can help you now

Jambo5

Ok, so......I know a Broker will help, but will I pay higher interest?
I expect the answer to be yes, therefore my missed/late payments which will by time off application will be over 5 years old.

Hence me thinking that although Defaults, CCJ's are different to missed payment....they will still hinder me and for up to 6 years untill they too are removed!

Still no success stories?

dugma1975

Unfortunately I was in the same situation as you and I got refused by 3/4 high street lenders

In the end I went with lenders such as Precise and GE Money who were prepared to overlook the defaults.

Good luck but as you have been told you need to select the lender carefully as there are lenders who will overlook the defaults but the down side is the rates are higher!

FYI - any default or late payment recorded against you stays on your report for 6 years from the time it was reported and not the time you missed payment or defaulted. Trust me I learnt from that and I am only now in a position to get a mortgage! Its a long and hard road!!!!

Jambo5

Thanks again for that.....
By next year I wont have defaults or a CCJ.

I will have no adverse credit......

I will only have missed payments which will then be 5 years old
And Payday loans 3 years old.
But a good solid past 4-5 years good credit.

I understand what you say...ive git a feeling I wont make same mistakes again too lol

kingstreet

Jambo5 wrote: »

Ok, so......I know a Broker will help, but will I pay higher interest?

Not if the broker can place it on the high street.

If he can't and you don't like the rates, don't go any further.

We look at your circumstances, look at different lenders' criteria and try to match the two together.

Frankly, you have two choices. Talk to a broker as advised, or wait until all your adverse falls off next year and go along to the local branch of a lender you trust and accept whatever it has for you.

Jambo5

Will do thanks kingstreet...that is the plan!
Jusg got in my head as ive been turn down before its never going to happen.