Mortgage help with bad credit

brettmanchester

Hello,

I’m hoping someone can give me some advice.

I’m currently looking to buy for the first time with my partner, my partner has great credit but I don’t. I keep putting off the whole process of buying a house as I’m scared about being refused because of my credit,

Has anyone else been in the same situation as me, please help thanks 

xcvx

Hi @brettmanchester
I am in the same situation. I have 5x defaults which are all now over 24 months old and a series of PDL nearly 4 years old, along with a few secured and unsecured missed payments back 3-4 years ago. I have spent the last 2 years getting myself out of debt and ensuring my finances are all up together and my credit file, bank statements etc. show that we are now quite tight with out money lol!. We too have been saving for a deposit and are finally there! We have reserved a new build and are putting full mortgage application in next week with a subprime lender. Rates are high but we just want our own home now. I am loosing sleep over it. We meet the lender criteria but i'm worried they will see something they don't like. I cant help with reassurance in that respect but at least you can be assured you're not the only one feeling that way! 
Make sure you get a copy of all 3 of your reports (checkmyfile will show you all 3) and contact a good broker. I am sure the right one will be able to find a mortgage for you! 

MovingForwards

Plenty of people, myself included, but having the right broker makes a huge difference to the outcome.

What's the bad credit issues you had / have?

brettmanchester

I got myself into loads of debts with credit cards, phone bills and payday loans, i have managed to get this down now, i still have credit cards but they are secured debt I’m constantly paying these, my partner as i say has got really good score 

MovingForwards

CCs are unsecured debts.

What do you have showing on your credit history, late / missed payments? Defaults? AP / AR markers? CCJs? 

Ignore the credit score and rating provided by the credit reference agencies as lenders have their own internal algorithm methods for scoring.

Thrugelmir

brettmanchester said:

I got myself into loads of debts with credit cards, phone bills and payday loans, i have managed to get this down now, i still have credit cards but they are secured debt I’m constantly paying these, my partner as i say has got really good score 

Forget the score. Keep clearing the debt owed in a targeted fashion. 

ACG

If you had a lot of debt but have paid it all, that is not bad credit. It is just a lot of credit. 
Grab your credit reports and fire them over to a broker. 

Worst case scenario you will be told to wait 3/6/12 months. Best case scenario they might be able to help you get something. Dont put it off, you may be thinking it is worse than it is. Its funny because we do a lot of bad credit mortgages and some people have a single late payment and think it is the end of the world, others have 15 CCJs, 10 Defaults and loads of late payments and think it is fine because it isnt bankruptcy. 

Have a chat with a broker, I guarantee they will have seen it all before, especially if you look for a broker with experience in bad credit. 

MFWannabe

brettmanchester said:

Hello,

I’m hoping someone can give me some advice.

I’m currently looking to buy for the first time with my partner, my partner has great credit but I don’t. I keep putting off the whole process of buying a house as I’m scared about being refused because of my credit,

Has anyone else been in the same situation as me, please help thanks 

Seek the help of a broker, worth it IMO 
They will know which lenders to approach based on your circumstances 
Far less stressful than trying to deal with it yourself or worse putting it off because you think it won’t happen