Do i bother applying with my history?

alecjbeckett

Hi All,

I am just about to sell my property which was given to me by family after i invested in the work to convert the family home into two flats. The sale is due to close within the next month which is great.

Seeing as i will be homeless soon:( I need to start looking for a property.

I was looking to buy but was skeptical as my credit history is poor and full of pay day loans over the past 1 year on a consistent basis due to struggling costs paying for building work during the renovation but i have now finally got out of it so no more PDL's for me.

I have some existing debt which i intend to clear once i receive the sale proceeds from the flat. I have a good job, stable income etc I spoke with L&G and explained the situation but unfortunately they said i would not be able to get a mortgage until i have had 12 months without a PDL, a bit heartbreaking but my own doing.

So before i start looking to rent for the next 12 months to tidy my history up does anyone have a suggestion as whether i should continue looking for a broker/mortgage or bite the bullet and go rent for a bit until my PDL history is clean for the next 12 months?

Thanks for your help
Alec

amnblog

Lenders who will work with poor credit history cases will typically want 12 months without pdl’s. But they are options after 6 months without pdl’s.

Consult a broker with proper poor credit experience when the time is right.

alecjbeckett

Thanks for confirming what I thought. Is there a list of good broker's that I could find for when I do choose to apply?