Should we wait? Credit history question

Mikki_Ya

Hi Everyone!
Me & my partner are looking to get £190,000 property with help to buy scheme so we roughly we would need £142,500 on the mortgage (if I understand everything right). We earn 24k and 26,5k so total annual income is £50,500. We are considering to get things going this year as we have the deposit ready but I'm not sure if we should. 
1) I am very concerned with my credit file as I have a history of taking out pay-day loans quite frequently (but always paying back on time). While my partner probably had a couple a few years ago and that's it. How much of an issue that will be? Can it be the case where or credit files will even each other out?  
2) I currently have about £1,000 dept which I'm planning to close in November as I will get a bonus at work. After I cleared that do we have a chance of getting a mortgage or should we wait some time? 
3) I'm currently renting but ending my tenancy in December and moving back to the family house to reduce my outgoings and save money. Does the moving and change of address affect our chances in any way? 
I tried to google but found the articles quite vague. Has anyone been in a similar situation? What's your advice/experience? Thank you in advance! 

Graeme1978uk

One of the helpful brokers on here will provide a more detailed answer, but from what I've read on here previously it depends on how long ago the payday loans were as each lender has different criteria on how historic they have to be before they'll consider you. If they are very recent I expect you may struggle as it demonstrates an inability to manage your finances.

JJG1984

Due to regional HTB caps from April 1st you may not be able to borrow the amount you need; so potentially need to pull the trigger this year

Where after you looking to buy 

Mikki_Ya

JJG1984 said:

Due to regional HTB caps from April 1st you may not be able to borrow the amount you need; so potentially need to pull the trigger this year

Where after you looking to buy 

Thanks! I've heard about those, we are looking to buy in Bedfordshire so I believe there will be £255-260k cap on that area..

JJG1984

Bedfordshire comes under “East of England” i believe so £407,400

Easy pickings is your credit history allows 

Mikki_Ya

JJG1984 said:

Bedfordshire comes under “East of England” i believe so £407,400

Easy pickings is your credit history allows 

You are right it's East of England, by bad! That's not too bad at all then just need to clear out my dept & wait for a few months

Graeme1978uk

You didn't say how recent your payday loans or how many etc. That will be a huge factor in who you are able to lend from.

Mikki_Ya

Graeme1978uk said:

You didn't say how recent your payday loans or how many etc. That will be a huge factor in who you are able to lend from.

Hi! Thanks for replying. There were 2 one in march and the other one in September (which I'm going to pay off in early November). Would it be more reasonable to talk to adverse credit mortgage brokers rather than normal ones?