The irony of bad credit and mortgages

David_White

RedHEAD wrote: »

...that being the further irony of course, that if we could save a 15% deposit we wouldn't be in debt.... :-/

You'd be amazed.

I predominately handle adverse credit cases and I speak to countless people daily that think it makes sense to have £20k in savings but allow a £500 store card to go into arrears.

RedHEAD

By ACG: If you can list it like that, we can tell you if it is worth looking into further or not and if not when you are likely to be able to get on the ladder.

Default - £7500 Nov 15 not cleared
Default - £800 April 15 not cleared
Default - £700 Apr 14 not cleared
Default - £350 Mar 16 not cleared
Ongoing late payments with utilities....

Westminster

Wow that it is pretty heavy and recent. (Just a non-professional viewpoint)

RedHEAD

Westminster wrote: »

Wow that it is pretty heavy and recent. (Just a non-professional viewpoint)

Thanks for that!

ACG

15% deposit I reckon or probably 2 years from now.
Although that assumes you are making your payments on time. If you are still paying things late then I dont see how you could expect any lender to lend you money.

You need to evidence you can live within your means as they stand at the moment. Even if your expenses were to go down with a mortgage, interest rates will not be this low forever and so underwriters assess your expenditure based on rates of around 8%.

Gunther_Golf

4 defaults in the last 11 months touching almost 10 grand of oustanding balances and ongoing late payments to utilities and you have got the hump that lenders wont consider you for a home loan worth tens or even hundreds of thousands of pounds?????

amnblog

Who has told you that you cannot borrow to improve your position Redhead?

Thrugelmir

RedHEAD wrote: »

Default - £7500 Nov 15 not cleared
Default - £800 April 15 not cleared
Default - £700 Apr 14 not cleared
Default - £350 Mar 16 not cleared
Ongoing late payments with utilities....

What benefit is there to a lender to give you an easy way out. Other than to take risk onto their own books, Learning from life's harsh lessons is where gains personally. Once done never to be repeated.

amnblog

Some Lenders seek this market because they can price profitably.

We don't know how these issues occurred so making value judgements is not appropriate.

Thrugelmir

amnblog wrote: »

Some Lenders seek this market because they can price profitably.

We don't know how these issues occurred so making value judgements is not appropriate.

Comment was made with regards to obtaining a low rate of interest to resolve financial issues. Not in respect of the commercial pricing of risk. Irrespective of circumstances the choice made is a personal one at the outset.