Fresh start

p0t3nt1al

Hello,

I am a 30 year old man from Scotland. Between the age of 18 until now I have been irresponsible with money and gambling. I have had a large number of payday loans and other credit in this time. Mostly paid back but some not. I have 1 default which I have recently cleared the balance for. This will come off my record in time I understand.

As I am getting a bit older, I have started to think of the future. I am clearing old debts and trying to build my credit rating.

I have a couple of high interest credit cards which I pay in full each month. I try to have a high available balance and never miss a payment. My credit rating is very poor. I recently applied for a Nationwide current account with zero overdraft and was declined.

Question

I would like to get a mortgage in the future. At the moment this is clearly not an option. I can't even get a new bank account unless its a very basic one.

I think it would be best to open a new bank account and start from scratch. I also think its probably best to open my new account with the same bank I hope to get a mortgage from so they have clear visibility of my finances and credit worthiness.

Which bank would people recommend? Which bank's offer the most mortgages and will be a likely candidate for when the day comes in the future. I know its going to be a long road but I am on the right path and am looking for some advice.

Kind regards
Steven

[Deleted User]

It's all entirely circumstantial.

What's "best" for persons A, B and C might not be "best" for you.

[Deleted User]

There's no need to change your bank account. Your history will remain.

You need to clear your debts, and manage your accounts responsibly. Settle your defaults and don't take out any more payday loans.

Check your three credit files to see what else needs addressing.

Time will do the rest.

p0t3nt1al

Hi,

I know - its not a generic answer.

I am looking for some advice, maybe from other people who have gone through this too. It would be helpful to find out which banks offer the most mortgages/market share in the UK yearly?

I imagine some banks may offer much more than others or have a clear process for people in my position looking to build a better future

Kind regards
Steven

[Deleted User]

Have a look online - there's plenty of financial information and statistics that can show you this.

Each bank differs month on month as to what it offers.

ndf9876

Nobody can give you an answer because where some might fit mortgage lending criteria with one bank, others do not.

Where you hold your current account is irrelevant to the approval process. The only difference it makes is, I believe, a slightly quicker decision and less paperwork to go back and forth.

Follow the good advice given by zx81 - that's the best suggestion I can personally offer you.

abc.xyz

p0t3nt1al wrote: »

Hi,

I know - its not a generic answer.

I am looking for some advice, maybe from other people who have gone through this too. It would be helpful to find out which banks offer the most mortgages/market share in the UK yearly?

I imagine some banks may offer much more than others or have a clear process for people in my position looking to build a better future

Kind regards
Steven

Top 10 Mortgage Market Share in 2018:

1. Lloyds Group: 20.4%
2. Nationwide BS: 13.00%
3. Santander: 11.2%
4. RBS: 9.8%
5. Barclays: 9.7%
6. HSBC: 6.4%
7. Coventry BS: 2.8%
8. Yorkshire BS: 2.5%
9. Virgin Money: 2.5%
10. TSB: 2.00%

Source

Not that this makes any difference... Just because Lloyds have the most market share doesn't mean you're most likely to get a mortgage with Lloyds.

Edit: It's not even particularly reliable because Lloyds Group includes Halifax/BoS/Birmingham Midshires. But HSBC doesn't include M&S/First Direct, and Yorkshire BS/Virgin are owned by Clydesdale Bank but listed separately :think:

yksi

A new bank account from scratch is a pointless exercise. Don't bother. You have a bank account already and it's going to be on your credit reports regardless. Adding a second one will not improve things, as even if you went for a mortgage with the same bank, they will be looking at all your other accounts and all of your credit reports as well.

Unfortunately nothing wipes the slate clean except good behaviour and time.

As for your future mortgage, here's your game plan:
Get on top of all your debts and wipe them out
Save the deposit and moving costs
Speak to a mortgage broker. <--- this one I don't think you realised is an option. Your broker will be able to hand-pick the lender individually to suit your needs - they will know which ones are ok with payday loans in your history, which ones are ok with a CCJ or a default a few years back, etc etc.

While we're at it, I hope you are getting support for your gambling problem. Firstly, because it's a lifelong healing process, not a one-time cure. And secondly, because seeing gambling transactions on a bank account will be a big problem for most lenders and scupper a mortgage application. Well done on having a goal in sight and all the best.