Some adverse credit - exploring options

Hi All,

My financial situation was always poor, but has improved over the last year. I have saved nough up for a decent deposit. But still have some adverse on file.

CCJ: May 2018 - £900 - Drops off in a few months. 

Default Mar 2018 - £2000 - Drops off in a few months.

Default Aug 2020 - £2000 satisfied Jan 23.

No missed payments in 3 years.

Last payday loan Aug 22

About 1.5k on a 0% balance transfer (Will be paid off before completion)

Income 43k

20k deposit - LTV around 82 - 85% depending on purchase price.

I spoke to a free broker, but I don't think they covered much adverse credit. They recomended Kensington 7.1%.This was a month ago, so might have dropped.

Does this sound about right? I've read many adverse credit stories where people have gotten high street rates with a 5yr plus ccj.

Could the ccj be discounted by lenders given that it will likely be off my file before completion(if I was to apply in march)

If not, would I be able to get a better rate if I wait till may when  the ccj drops off, or is it negligible difference given that I still have the other default on file? In which case I'll accept the higher rate now and get moving.

Thanks, happy to answer more questions


  • chanz4
    chanz4 Posts: 10,852
    First Anniversary Name Dropper First Post Xmas Saver!
    I would wait until drops off
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • ACG
    ACG Posts: 23,625
    First Anniversary Name Dropper First Post I've helped Parliament
    Rates have dropped in the last month so it might be lower with the likes of Kensington. But I would like to think there are small building societies who can offer something cheaper. 

    The problem with high street lenders is that everything contributes to an overall score, so whilst they can accept this or that, it does not mean it is ignored. It just means it is within criteria. If you were to apply now to a high street lender, you are trying to overcome a CCJ, 2 Defaults and some arrears by the sounds of it (as credit reports go back 6 years). Individually all of that would probably get past a credit check, combined its a different story and I think it might be a tough ask. If you were to hold off until May, thenn there is only 1 default and some arrears - still not a guarantee but much more likely. 
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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