Poor Credit Mortgage

MarkAberdeen

Hi All, long time reader but first time poster.

My wife and I have saved around £30,000 as a deposit for a first-time-buyer house - but am struggling due to previous marks on my credit file. I've got 4 defaults on my file, 2 from 2015 and 2 from early this year (we moved to another rented property and I stupidly didn't realise I hadn't updated addresses on a home shopping account and a credit card and missed payments). 


We've spoken to a couple of lenders, Aldermore and Bluestone - who have declined the DIP based on my credit history. 

Both my wife and I earn what I would consider good salaries (totalling £95,000/annum) - it really is the credit file that's bringing us down (my wife's credit file is perfect).

I know that if there are any mortgages out there for us, the interest will be extortionate - but I also know that we should be able to remortgage in a couple of years time at a much better rate. It'll be 2 years of a more 'challenging' time, but getting onto the ladder is massively important.

Anyone know of any other lenders we should be speaking to?

Thanks in advance!

Kiwistrawb1990

After having a historical default myself and scouring the Internet for advice, I think you'll struggle with those defaults being in 2020. You might need to wait another year.
Have you spoken to broker? They are the best bet 

MarkAberdeen

Kiwistrawb1990 said:

After having a historical default myself and scouring the Internet for advice, I think you'll struggle with those defaults being in 2020. You might need to wait another year.
Have you spoken to broker? They are the best bet 

Hi Kiwistrawb, yes we’ve spoken to a broker - and they’ve advised that a lot of the ‘adverse’ lenders are still closed, and others that have reopened have tightened the lending criteria - maybe we will have to wait. It’s infuriating, and I know it’s my fault. 

MovingForwards

Adverse lenders are opening back up, but tend to require a larger deposit at the moment.
You need a good broker as that is the difference between potentially getting a mortgage now or in 6 months, a bad one will say no chance. I wouldn't have moved into my home last month if I didn't have a great adverse broker.

You mention your deposit and salary, but what property price are you looking at? 

Kiwistrawb1990

MarkAberdeen said:

Kiwistrawb1990 said:

After having a historical default myself and scouring the Internet for advice, I think you'll struggle with those defaults being in 2020. You might need to wait another year.
Have you spoken to broker? They are the best bet 

Hi Kiwistrawb, yes we’ve spoken to a broker - and they’ve advised that a lot of the ‘adverse’ lenders are still closed, and others that have reopened have tightened the lending criteria - maybe we will have to wait. It’s infuriating, and I know it’s my fault. 

Don't be upset. I'm in a similar position to you, my partners credit file is perfect, mine less so. 
Your affordability is good. Have a look through the forums, there are a few brokers who comment on here who work with adverse. Get in contact with one who you like the look of, how they talk to people etc 

MarkAberdeen

Kiwistrawb1990 said:

MarkAberdeen said:

Kiwistrawb1990 said:

After having a historical default myself and scouring the Internet for advice, I think you'll struggle with those defaults being in 2020. You might need to wait another year.
Have you spoken to broker? They are the best bet 

Hi Kiwistrawb, yes we’ve spoken to a broker - and they’ve advised that a lot of the ‘adverse’ lenders are still closed, and others that have reopened have tightened the lending criteria - maybe we will have to wait. It’s infuriating, and I know it’s my fault. 

Don't be upset. I'm in a similar position to you, my partners credit file is perfect, mine less so. 
Your affordability is good. Have a look through the forums, there are a few brokers who comment on here who work with adverse. Get in contact with one who you like the look of, how they talk to people etc 

Thanks so much - I’ll do that.