5.8% interest rate for adverse credit??

TheJP

Sarah1Mitty2 said:

The rate sounds pretty reasonable in the circumstances?

Agree with this. Your credit file is to be polite yet blunt, pretty shocking. I know some who cant even get an offer with lees on their file. Maybe its not the right time to buy, adverse credit lasts on your file for 6 years after its settled so perhaps create a plan with a timeline.

MovingForwards

TheJP said:

Sarah1Mitty2 said:

The rate sounds pretty reasonable in the circumstances?

Agree with this. Your credit file is to be polite yet blunt, pretty shocking. I know some who cant even get an offer with lees on their file. Maybe its not the right time to buy, adverse credit lasts on your file for 6 years after its settled so perhaps create a plan with a timeline.

Aside from AP markers, everything falls off 6 years from when it was marked on the CRAs regardless of whether it was settled, part-settled or not paid.

theartfullodger

Doubt you'll get better rates and I suspect, along with many others, that rates will keep increasing. (Yes I saw it's a 5 year fix).

In November 1979 under Thatcher Bank of England base rate hit 17%.. I had a for then large mortgage.  I was "lucky" - building society only required 15%. 

This may well happen again.  Hope I'm wrong 

sammyjammy

I think its v reasonable and agree with your broker that five year fix is better.

MSE_ForumTeam3

I've merged two threads which begin with duplicate posts.

Dapand

Managed to get the £1374 default from BT removed as it was applied after only 1 month. So waiting to hear back from broker regarding this to see if this improves anything.

However all things considered we are extremely grateful to be offered a mortgage at any rate. Thanks all for your valuable feedback.