Mortgage for Poor Credit history

Marty_Mcfly_2

Hi all,

I'm new to this forum but I;ve been a regular viewer of the last few years and the content has massively helped my morale and given me tips on how to bring my finances in check, so thanks for your help everyone to start! :beer:

I have a poor credit history but have spent a lot of time bringing it back in order, I now have no debt, am using a credit card and paying it back each month to build up my score and I have a decent income.

My main problem is that I have defaults showing on my credit history, from around 2 years back. Prior to that my repayment history was very patchy to say the least.

As I say, things are much better these days, I manage my money well and have a lot of disposable income, me and my partner have a deposit of about £25,000 and we'd be looking to buy a house valued between £120,000 and £140,000, we earn about £48,000 a year between us. Does anyone have any idea about the likelihood of us getting a decent mortgage? Or one at all for that matter with my poor history in the not so distant past?

kingstreet

How many defaults? What size £? Dates of registration? Satisfied?

Marty_Mcfly_2

All satisfied, the most recent one defaulted in Dec 2013 (£550), I set up a repayment agreement at that time, stuck to it and have just finsihed paying it off.

Before that a debt that defaulted in 2009, started at £222 and was regularly paid until 2012 when it cleared, also one in 2009 for £718, which was cleared straight away.

Other than that there's a few late payments showing over the years, but nothing in the last 18 months.

Dave_Ham

From the details provided, there should be a solution although likely this will be found by using a broker.


Unlikely this will be from the advisor at the Estate Agents, so get your mortgage in principle from a reliable source first.


You are going to need to evidence your deposit, so ensure this you have adequate proof of this figure.


All the best

amnblog

Dave is right.

There should be a source to place this lending.

One for a broker.

Thrugelmir

Marty_Mcfly wrote: »

I set up a repayment agreement at that time, stuck to it and have just finsihed paying it off.

Then defaults aren't your only issue. Repayment plans will extend the agony.