Patchy credit, what are my options for a mortgage?

karlos_the_jackal

[originally posted in credit file forum, was advised to repost here]

Myself and my partner have just been turned down for a mortgage with a high street bank.

Her credit record is spotless and mine has been clean for the past four years with no defaults. The problem appears to be mortgage arrears on my own property I had between 4-6 years ago during difficult times.

I'd rather not have to wait 2 years for my arrears to drop off my record so I was wondering what my options are, should I abandon the high street and go and see a mortgage advisor/broker? What premium am I likely to pay over high street rates?

The irony is that right now I've never been better off financially, my existing mortgage is almost paid off and I could easily afford a 20% deposit on the sort of house we're looking for.

Any advice would be gratefully received.

ACG

20% deposit and you should be fine but im not sure its one for the high street - although near high street rates should be achievable.

Find a good experienced broker in adverse credit and im sure you will get your mortgage, assuming everything else is fine.

ACG

Forgot to say 2.5%-4.25% depending on how your application scores would be a ball park.

kingstreet

Obtain all three versions of your credit file in advance of a broker meeting to see if there is any advantage in concentrating on lenders taking data from only one particular CRA.

amnblog

There is no way you should be trying to place this lending with the help of a broker. Mainstream lenders, understandably do not like a history of mortgage arrears.

kingstreet

amnblog wrote: »

There is no way you should be trying to place this lending without the help of a broker. Mainstream lenders, understandably do not like a history of mortgage arrears.

Small amendment required!

karlos_the_jackal

ACG wrote: »

Forgot to say 2.5%-4.25% depending on how your application scores would be a ball park.

Thanks. I suppose I can always consider remortgaging in a couple of years when my credit file is clean.