Bad credit mortgage

ja5690

Hi I’m a first time poster long time reader on here and over the years I’ve found it very helpful to read through. 

A brief idea of the situation I’m in is I’m in a situation where I need to buy a house the right house and for the right price has come up and I’d love to be able to buy it. 

But the issue I’m having is my credit. I wasn’t looking to buy for at least 2 years but circumstances have changed that. I’m currently in rented always paid on time for the 3 years I’ve been here. But I do have defaults on my credit accounts. I’ve pulled my credit file from check my file and unfortunately one was last registered on 27/5/2024. The other ones are well over a year old and they are been paid back monthly on time as agreed. (My own fault for not been thorough with things and I am aware I only have myself to blame) 
I have car finance which I’ve had for 4 years next week and has always been paid on time phone bills utilities etc all showing paid on time. No overdrafts and I have a credit card of a limit of £500 which I tend to use now and again and then pay straight back to try and build my credit up from my previous mistakes. 

I’ve had one broker get back to me and tell me no with precise mortgages and he’s willing to try pepper but not until December by which point the house will be gone. Although I did read on peppers terms that they will consider a default of less than 6 months if that is over 6 months old at time of completion ( correct me if I’m wrong though I’m all new to this) 
I have another broker working on it aswell ( who is currently out of office so I can’t ask how it’s looking) but im not holding out much hope. 

The house I want to buy is £125,000 ( wanting to offer £123,000) 
deposit is £37,000 
I work full time salary is £24,570 
I do receive a top up of universal credit ( don’t come for me) 
£320 a month child maintenance 
and £42.55 child benefit a week. 

Is there any brokers on here willing to put my mind at rest and tell me someone will be able to help me. 

Please if you can don’t give me tonnes of negative comments or abuse. I’m just someone who’s made mistakes which I’ve learnt from and want to be given a shot. 

Thanks in advance 

ja5690

Deposit is gifted by my auntie probably should have mentioned that in my first post also. And that my final car payment is due next Monday which I have the money to pay that off. 

ACG

It should be possible, rates wont be pretty though. 

ja5690

ACG said:

It should be possible, rates wont be pretty though. 

Thanks. Yeah I’m not expecting them to be great just wanting to get on the property ladder and then can look at better rates when my fixed term comes to an end. 

Im just not sure who else to try at this point as I don’t seem to be having much luck with brokers. 

Is pepper money my best chance at this point or is there other lenders with criteria of the recent default? 

ACG

Without seeing your credit report its difficult to say. I think Pepper will do it (from what you have said), there could be cheaper options but it really depends on the details. 

ja5690

Thank you for your responses!