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Mortgage application with fair credit, 6yr old default about to come off and 10 pay day loans
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Hb16
Posts: 3 Newbie
Hi
I have been going through the forums to try and find a similar position as someone else but have struggled to do so as most have been joint mortgage cases and not single applicants.
I am at the beginning stages of potentially moving to a new home. I have been asked to use the developments broker who have provided me with an AIP.
Before I go ahead with anything I wanted to see if anyone can help me with making that decision and not putting myself and others through unnecessary stress or trouble.
I have 1 default on my credit file of £380 from a catalogue company which is due to come off at the end of November 2019. In addition to this I have 9 payday loans from 2012 and 1 in 2015. These were all for amounts below £500 apart from 1 which was £800.
I currently have 1 hire purchase agreement which I pay £162pm and this will finish in December 2020. I also have a 0% credit card with a balance of £2200 but this will be paid before mortgage commences. I have an overdraft of £250 and I only go in this by around £50 but not every month.
I am employed full time, permanent and earn £34600 which has been increased to £36500 but this has not taken place yet.
I have ran a report from check my file and equifax shows x1 default and x1 pay day loan. Experian only shows x1 default no pay day loans and transunion has everything.
I was hoping someone might be able to help and let me know if I am being too optimistic with a mortgage completing or if there is hope.
House price is £206000 and I have a deposit of £50000/£55000. I have an existing mortgage of £64000 with barclays which I pay £420 towards.
Any help will be greatly appreciated.
Many thanks
I have been going through the forums to try and find a similar position as someone else but have struggled to do so as most have been joint mortgage cases and not single applicants.
I am at the beginning stages of potentially moving to a new home. I have been asked to use the developments broker who have provided me with an AIP.
Before I go ahead with anything I wanted to see if anyone can help me with making that decision and not putting myself and others through unnecessary stress or trouble.
I have 1 default on my credit file of £380 from a catalogue company which is due to come off at the end of November 2019. In addition to this I have 9 payday loans from 2012 and 1 in 2015. These were all for amounts below £500 apart from 1 which was £800.
I currently have 1 hire purchase agreement which I pay £162pm and this will finish in December 2020. I also have a 0% credit card with a balance of £2200 but this will be paid before mortgage commences. I have an overdraft of £250 and I only go in this by around £50 but not every month.
I am employed full time, permanent and earn £34600 which has been increased to £36500 but this has not taken place yet.
I have ran a report from check my file and equifax shows x1 default and x1 pay day loan. Experian only shows x1 default no pay day loans and transunion has everything.
I was hoping someone might be able to help and let me know if I am being too optimistic with a mortgage completing or if there is hope.
House price is £206000 and I have a deposit of £50000/£55000. I have an existing mortgage of £64000 with barclays which I pay £420 towards.
Any help will be greatly appreciated.
Many thanks
0
Comments
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The default and PDL activity is unlikely to be a deal-breaker.
Run your details through a few lender affordability calculators to see what the outputs are like.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thanks kingstreet.
I have ran affordability calcs on Halifax and natwest and both have given me £10000 more than I would need.0
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