Mortgage acceptance with poor credit score

MrsH2

Hi all....anyone else in a similar position?

I was discharged 1 year ago from a debt relief order. I became a mature student with 2 children and just couldn't afford my debt repayments. I went thru Step change and my debt relief order went through with no problems.
Since my discharge 1 year ago I have 2 very low credit limit credit cards which I have used to rebuild my credit score.
I use the cards rarely and always pay on time. The only other credit accounts I have that show as open on my credit file are for my utilities and mobile phone contracts. I have worked hard to rebuild my credit score and I am looking to get my first mortgage with my husband now.
He has 2 previous mortgages and a current one and his score is really good.
I am worried my debt relief order and lower score will hinder our chances and were unsure which lenders to approach.

Has anyone else been in a similar position and can recommend a bank or lender.

Thanks in advance.

DD265

The best approach is probably find a broker who specialises in applications like yours. We've paid £495 for ours as we went with a friend's recommendation (first time buyers with some 0% credit card debt), but there are free ones out there too.

I saw a thread on here the other day where people with adverse credit history were sharing their mortgage application success stories.

MrsH2

Great thanks....Will have a search on here.

[Deleted User]

Remember that while your credit history is relevant and needs to be managed, your credit scores are made up numbers and not a factor in lending, so don't let those be your focus.

Lenders will be looking at the detail of your previous accounts - eg defaults, CCJ, whether settled and so on.

MrsH2

Fortunately all my accounts are settled and I didn't have many defaults as I had set up payment arrangements with all my creditors.

JasonHand

I completed on a house purchase just before Christmas and I had shocking adverse credit. I had defaults, a CCJ, payday loan history. I had the lot.

My advice is simply get yourself a good broker and have an up to date credit report to send them. From there on a good broker will hopefully be able to find the right lender for you.

When I first approached my broker he advised I would need to wait a few months to get the mortgage I required with the deposit I had available and when that date arrived we applied for an agreement in principle and everything worked out from there. It took time, there were plenty of questions asked but we got there

But there will be options available to you I'm sure.

Good Luck

Quassi75

JasonHand wrote: »

I completed on a house purchase just before Christmas and I had shocking adverse credit. I had defaults, a CCJ, payday loan history. I had the lot.

My advice is simply get yourself a good broker and have an up to date credit report to send them. From there on a good broker will hopefully be able to find the right lender for you.

When I first approached my broker he advised I would need to wait a few months to get the mortgage I required with the deposit I had available and when that date arrived we applied for an agreement in principle and everything worked out from there. It took time, there were plenty of questions asked but we got there

But there will be options available to you I'm sure.

Good Luck

Could I please ask which broker you used?

Many thanks