Finding a mortgage with poor credit rating

mike1986

Hi all,


I'm looking for a new mortgage with debt consolidation.


The situation is that I brought a property about 4 years ago and have been doing it up, new flooring, kitchen etc. I had been funding the refrub from savings and earnings.


I was made redundant around a year ago, had a 2 month break and then went self employed for around 6 months (I have no accounts yet) I then went employed on the 9th Sept 2014.


I have built up debt with the home improvements and I need some additional money to finish some bits like changing the boiler.


Value of property: £185k
Existing Mortgage: £85k
Debts: £16K
Money Needed for Home Improvements: £9k


So I need a mortgage of £110k, and my Salary is £29300


The problem I have had is that on my credit report while I was self employed I had a total of 6 missed payments in the last 12 months on the debts (not mortgage).


Dates of missed/late payments (they appear as 1's on my credit report):
Jan 14 - £100
Feb 14 - £25
July 14 - £25
Aug 14 - £100
Oct 14 - £25
Nov 14 - £155


Who would even accept the missed payments for a new mortgage.


Thanks and sorry for the depth of the information.

kingstreet

Are these visible on all three versions of your credit file? If not, there may be an advantage to be gained by using a lender which sources data from the CRA with your cleanest file.

If you don't have them, get all three and put them in the hands of an independent broker who can establish the lenders open to you at the best rates.

mike1986

Thanks for the quick reply.

I know of experien whuch other ones are there?

Thanks again

kingstreet

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

CallCredit

https://www.noddle.co.uk

Experian

http://www.experian.co.uk/consumer/statutory-report.html#orderReport

Don't pay subscriptions for services which allege they provide your credit score. They don't and they are a waste of money. Your £2 statutory files will do fine.

mike1986

Hi,


I've checked all three of my credit reports and found that all of them are showing the same.


Halifax declined my application in December 2014 for the additional borrowing.


Would it be worth trying a company like precise?


Thanks

Thrugelmir

mike1986 wrote: »

I need some additional money to finish some bits like changing the boiler.

Is it necessary at the current time. While it's desirable. A period of consolidation may be a better option.

amnblog

This is not just about the credit. Some lenders will also have a problem with your limited time in your 'employment'.

This is definitely a case for a mortgage broker who should be able to assist you.

mike1986

Ok thanks, will find a good broker! Any recommendations?