Help to Buy Mortgages

Teaandtoast0124

Jambo 5,

Im in the exact same situation as you. I have 3 missed payments , two in 2010 and 1 in 2013. And ive had about 20 payday loans in 2011 and 2012. So nervous about getting accepted. I have an appoitment with halifax next month. But reading about your freinds getting accepted with payday loans and a default has made me a little happier. But must admit, people writing ok these forums getting declined with no missed payments has shook me.

Teaandtoast0124

Jambo, were your freinds applying for the HTB scheme when they got accepted?

Jambo5

Teasandtoast0124.....good luck keep me posted on how you get it on. I have a ccj 'dropping off' in july next year and then I will have them missed payments and payday loans what will be of an age.

This is what I mean though. It's quite obvious that a default is far worse than a miss payment.
But all I care about is being excepted for a Mortgage, and if these missed payments stop me(and I have to wait till the 'drop off' at 6 year point too) then that to me is saying that they are just doing as much damage as default because it is stopping me. Stressful business this.

Good luck to you:)

Jambo5

And yes they were HTB scheme.

Teaandtoast0124

I have a default that falls off in january also. Thats why im waiting. My credit score says 999 with a default. Madness. I read the older the missed payments the better.

And as for payday loans this is what halifax have said,

Halifax has said that it treats payday loans like any other form of credit when assessing a mortgage application. There’s no black mark against borrowers for the decision to take a short-term loan and paying it back could boost your credit score.

Taking out a payday loan in itself will not adversely affect your credit score and won’t stop you climbing the credit ladder. In fact two of the major credit reference agencies say that if you repay a payday loan on time and in full then any effect on your credit rating could well be positive.

amnblog

Teaandtoast0124 wrote: »

Taking out a payday loan in itself will not adversely affect your credit score and won’t stop you climbing the credit ladder. In fact two of the major credit reference agencies say that if you repay a payday loan on time and in full then any effect on your credit rating could well be positive.

Not as far as mortgage lenders are concerned.

Recent payday loans will preclude you from lending with many.

Teaandtoast0124

I havent had a payday loan for 3 years. By the sounds of it, halifax are more leniant on payday loans.

Jambo5

Yeah it be 3 years since I had my last one.
I really hope they are more lenient.
If it's not one thing it's another with this credit rating business.

Surely if they do damage your CR you should be warned about effects they can have.

Teaandtoast0124

I think we should be told the lenders credit scoring criteria. Instead of going in blind and getting declined.

Jambo5

Good point too!