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Sub prime mortgage advice please
Nearlythere2015
Posts: 1 Newbie
Hi there,
I was wondering if anyone could help and give me some advice please. My husband and I had a bit of a bad credit history. Several defaults, pay day loans and a secured loan. I know we were very stupid and spent the last two years paying everything off and getting clean again.
The way we stand today is that all our debts are cleared. Our oldest defaults were two years old in Jan. The one sticking point is the secured loan. It doesn't seem to have a default date on it just an arrangement start date of 01/05/13 and end date 01/06/13. It was settled in August 2013.
Do you think we will have to wait until August to apply for a mortgage or is there any chance we could do it earlier? I realise that it will probably be with a sub prime lender? And how many times our wage would we be looking at with this type of lender? We have a 15% deposit.
Thanks in advance for any advice!
I was wondering if anyone could help and give me some advice please. My husband and I had a bit of a bad credit history. Several defaults, pay day loans and a secured loan. I know we were very stupid and spent the last two years paying everything off and getting clean again.
The way we stand today is that all our debts are cleared. Our oldest defaults were two years old in Jan. The one sticking point is the secured loan. It doesn't seem to have a default date on it just an arrangement start date of 01/05/13 and end date 01/06/13. It was settled in August 2013.
Do you think we will have to wait until August to apply for a mortgage or is there any chance we could do it earlier? I realise that it will probably be with a sub prime lender? And how many times our wage would we be looking at with this type of lender? We have a 15% deposit.
Thanks in advance for any advice!
0
Comments
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15% will be helpful.
I would say get all 3 credit reports down to an experienced broker. There could be a way of getting this through.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If the secured loan is manifesting as late payments in 2013 on the credit files you have a problem.
The more late payments showing the higher your deposit to have any options.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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