Worth even applying?

Sparky111

Hi all,

Just wondering if it's worth me applying for a mortgage or if I would just be wasting mine and the brokers time. My credit history is pretty awful, I have satisfied default from Feb 2013, two late payments in the past 12 months, multiple payday loans which are all fully repaid (used for wedding expenses) and as it stands a credit utilization of 70%, although I cleared all debts last month and am just waiting for the files to update. Myself and the wife were looking to go for a mortgage in 12 months but have just been given notice by the landlord as he wants to buy himself and partner a bigger house and needs the equity. I have 20K saved up, current earn 70K a year (38500 basic, 16500 shift allowance, 15000 voluntary overtime) the wife earns 24K and has a spotless record, owes about 2.5K on a credit card with a 9K limit. We would prefer not to have etc rent again and have found our ideal home, on the market for 160K, any advice or opinions would be greatly appreciated, thanks.

David_White

From what you've said there's likely to be a selection of lenders available to you.

There's no harm in giving your credit report to a broker and getting them to confirm your options.