Advice please!!! Mortage and payday loans

Livelife

Hi All

I have been a member on here for a while and I am in some need of real help!

So myself and hubby have been talking about purchasing a house. Low and behold one has come up and we have arranges a viewing.

However this is a big however the Estate agent asked if we had a AIP. I said not yet and she explained we need to get one as there is a large number of people who are viewing ( we live in a village and houses don't often come available to buy)

So, biggest bloody snag is my credit report. I would love some real talk and what are the chances of getting a mortage?

I have 2 payday loans- one that shall be removed in October paid and settled closed account

1 that shall be removed in November which was a month late. Both of these loans are nearly six years old.

Plus 4 late payments in 2014- on credit cards which were closed and paid. One in full and one part settlement.

Do I have any chance at all?

Not only that- there are two errors on my addresses. One which is for the payday loan, which shows an old address, that I was not currently living at when I took put the loan (payday express). This is the one which falls off my credit file in 4 months.

Also, an old bank account, which I closed 4 years ago has the correct house number, but again an old postcode.

I have been at my current address for 4 years and sorted all my finances out.

What should I do? Am I best marking these errors on my credit report? Can settled accounts have addresses amended?

Do old settled address details get looked at?

I'm so scrared of even viewing the house as it is perfect and can afford the mortgage but trying to sort the errors of addresses, and late payments of 4 years ago. Am I just delude?

Clearscore is 490
Totally money is 619
Noddle 619

Any insight would be really helpful

[Deleted User]

Does your payday loans show as open with debt at any point in the last 12 months?

DCFC79

Your scores albeit looking ok aren't seen by lenders, just yourself. You say you can afford the mortgage but how do you know what apr rate you could be offered. You might find theres lenders out there who may offer a higher apr due to whats on your credit file.

Speak to a broker or 2 and see what your options are.
I dont believe anyone on here can say for sure if you could get a mortgage.

ACG

Do not put notices of correction on your report - they cause more problems (they also do not alter the outcome of an application).

The pay day loans are old and whilst there will be some lenders who will decline you outright the majority will be fine.

Add in the late payments and your options will come down to size of deposit I think.

Small deposit and small choice of lenders (although not necessarily more expensive), larger deposit and more options.

It is probably worthwhile speaking to a broker but in all honesty, I think the time to fix these issues were before you had found a house as it can take weeks or months to sort out, so it is best to just work with it as it is. But I would expect there to be options as what you have said is not too bad. We see worse on a near daily basis.

Livelife

Thank you. I know it would of been perfect if I had sorted the errors on my file before hand, however we were not going to look for a property until November when both of the payday loans had dropped off, however this has just literally come up gor sale in the same street. Do I need to speak to a broker for an AIP?

Livelife

No they are markednunder the closed accounts and say settled?

[Deleted User]

A broker will place your application with the most appropriate lender. It's much safer than just hanging in applications randomly.

ACG

zx81 nails it I think.
I would speak to a broker to get your AIP. You do not need a broker for one, but I think it would be a good idea as they can than carry you through to completion.