Credit Score & Mortgage

Pinknails101

My question is can I get a mortgage with a bad credit rating? 

I’ll give some further context.. 
my credit score is 590 (the best it’s been in a long time!) 
i have a satisfied CCJ - does this drop off from when it started? Or from when it paid off? Because that will be either 3 or 6 years ☹️
I have a couple of debts left, equating to around the 4K mark.. they’re set up on D/D for £5/£10 a month.. there’s been no defaults on these for around 18months 

I do have god knows how much debt on tax credit overpayment.. that come out my UC at 30pm 

I do work full time, and my earnings are approx 2.1k pm 

My housing situation is this, I rent from a housing association, and would really like to buy it, am I right in thinking you don’t need a deposit? Or would I because of my poor credit. 

I’d really appreciate any help xoxo 

MorningcoffeeIV

You can get a mortgage with any credit score - it's not a factor in lending decisions.

Your CCJ drops off 6 years from being applied.  Your ongoing defaults are going to be a big problem, especially at the rate you're paying them off.  You'll want to get those settled before looking at a mortgage.

CliveOfIndia

As per the previous reply, you can safely ignore your score.  It forms no part of any lending decision, and is not even seen by a lender.

It's the data contained within your credit file that's important.  A CCJ tends to be quite a major red flag for most lenders, even if satisfied.

Pinknails101 said:

I have a couple of debts left, equating to around the 4K mark.. they’re set up on D/D for £5/£10 a month.. there’s been no defaults on these for around 18months

The DD that you're paying on these debts - does that equate to at least the contractual minimum payment, or have you entered into an arrangement with the lenders to pay the debt off more slowly?  For instance, the minimum payment was supposed to be £100 pm but you've agreed to pay it off at £10 pm.  If that's the case, this will likely hamper your chances of a mortgage quite severely.

For anyone with a less-than-ideal credit history, the advice is usually to find a decent mortgage broker.  But if you're already struggling to meet your contractual repayments, I suspect you'll find it very hard to find someone who will accept you.

One final thing to bear in mind.  Remember that if you default on unsecured debt then you'll trash your credit history - not ideal, but certainly not the end of the world.  Default on a mortgage and you could find your house repossessed.  Is that a risk you really want to take at the present time?