Best poor credit history mortgage lenders

Clh321

Can anyone advise. Previous defaults stepchange helped, mortgage always paid sometimes late but never in arrears. Both working full time combine income of around 43k. Age 33 and 32 looking for a 35 year mortgage with a 85 %ltv

amnblog

You need a broker not a lender.


You access the lenders you need via a broker.

betmunch

When you say mortgage payments late but never missed, how late? what day of the month was it due? how often? and how was it recorded on the credit file?


When an applicant says it was just a bit late, a lender will often say it was missed.

ACG

I agree with amn completely.

I have clients who have defaults and high street rates, I also have clients who have defaults who are paying circa 6%. The devil is in the detail. You say your mortgage has never been in arrears but paying late is going in to arrears.

You really should be consulting a broker to give you the best chance of getting a Mortgage and trying to get you normal/semi normal rates.

Clh321

Thankyou. When I say late I'm talking the direct debit is missed but it's always paid within that month I.e I'm never owing two lots etc.
We have a house worth around 200k with a current mortgage of around 136k

ACG

It's still classed as arrears even if paid a day late.

I really do think you will need a broker.

Verix

To echo the above, you would probably be well placed to find a broker given the potential complexity of your situation.

How recently you have had these mortgage missed payments will also effect lenders. If you can, get a hold of your credit file which will illustrate exactly how these late payments have been registered.

On the upside 15% deposit is realistic.

David_White

Are you upsizing or downsizing?

The reason I ask is that if you're struggling to pay the mortgage on time now you don't want to put yourself in an even worse situation.

Clh321

No issues paying it's just a timing thing due to me being paid weekly. Our move is kind of sideways, bigger house same money. we are going to look for a broker

amnblog

You cannot manage cash flow to bridge weekly income, but want to buy a larger property.

You definitely need to consult a broker.

Thrugelmir

Clh321 wrote: »

No issues paying it's just a timing thing due to me being paid weekly.

Then you need to learn to manage your money better. Ensure that there's a buffer in your current account.

When did the DMP end?