AP markers

Dribiddi

I have x3 AP (arrangement to pay) markers on my credit history.
Chances of being approved for a mortgage any time soon?
It's something I read conflicting advice on. I know that the markers are akin to default and have heard it said no chance until they drop off after 6 years (3-4 years to go for that to happen).
On the other hand I've read that their influence on credit worthiness will fade faster than 6 years, and banks are looking most closely at money management over previous 1-2 years. In addition the markers are not recorded with Experian so I've read brokers can use this to get deals from lenders who rely on Experian reported info.....
Any thoughts?

Arleen

Get a broker.
But with fresh AP markers, and three of them, chances are rather slim for a good mortgage. Are you keeping up with repaying them now? And almost all mortgage providers check all 3 CRAs, I imagine that is even more true for bad credit mortgages.

Westminster

Google something like 'bad credit mortgages' or 'adverse credit mortgages'

Ring round a couple of companies to see who you get a good feel for (If they don't ask for current copies of your 3 CRA files then move on to the next company)

Candyapple

As above, you need a broker who can search the market for the best provider for you. If people can mortgages with a default, you should be able to with an AP. Note: I said should, I'm not a mortgage adviser and you also have 3 AP markers.

Don't forget that a lot of the adverse lenders will require you to have a higher than normal deposit (something like 20% minimum) so bear that in mind.

Dribiddi

Arleen wrote: »

Get a broker.
But with fresh AP markers, and three of them, chances are rather slim for a good mortgage. Are you keeping up with repaying them now? And almost all mortgage providers check all 3 CRAs, I imagine that is even more true for bad credit mortgages.

It was staggered overdraft reductions that I could not pay down all at once. The last of the arrangements ended over 2 years ago and I stuck to the agreements

Westminster wrote: »

Google something like 'bad credit mortgages' or 'adverse credit mortgages'

Ring round a couple of companies to see who you get a good feel for (If they don't ask for current copies of your 3 CRA files then move on to the next company)

Before I get jumped on I know credit scores aren't the be all and end all but my credit scores are good. I've been approved for a £9k credit card in the past year and could take my pick of other financial products according to matchers like MSE credit club so the markers don't seem to be dragging me down too much. I also got £10k worth of car finance last year (easier to get I know) which is now paid off....

Westminster

Well some positives there - best of luck!