Can anyone recommend an Adverse Credit Mortgage Broker?

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reeceg353
reeceg353 Posts: 56 Forumite
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in Mortgages & endowments
Hi All,

Looking to buy a house soon,

I have a single default on my account from 2013 (£135 total value for a phone bill I forgot to pay, annoying but fair enough).

For reference my current credit score is 757/999
Credit limit total is £7,000 across 3 credit cards, I have £0 balance on these cards and pay the full amount every month (i get petrol on one, train ticket on another and food shopping on the last).
The only real credit i've been given has been for a lease on a car, £350 per month for 3 years. Other than that I haven't applied for credit since then (March 2018) and I've never applied for a mortgage.

However, I did take out some payday loans, stupidly, for a period of 6 consecutive months in 2016 and then again in 2017... I suspect this is why I may get rejected for most lenders. I'm 27 years old (not that it matters!) and I was young and was incredibly stupid and naive about what a payday loan may do to my credit file.

Do you think the chances are i'll be an outright rejection from most mainstream lenders? This is playing on my mind quite a lot and would appreciate an honest answer, even if it's brutal.

Can anyone recommend an Adverse Credit Broker please?

Thanks,
Reece

Comments

  • kingstreet
    kingstreet Posts: 38,770 Forumite
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    You don't need an adverse credit lender for this. Any decent broker should be able to do this on the high street.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • butterflybook
    butterflybook Posts: 125 Forumite
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    I agree with Kingstreet you should obtain the high street with this - Were any of the pay day loans within the last 12 months?
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • ACG
    ACG Posts: 23,728 Forumite
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    The pay day loans would be an outright decline with some lenders. But as the others have said, this is probably going to be able to get placed on the high street.

    We primarily do adverse mortgages and to be honest, I have seen credit reports far worse get placed on the high street.
    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.
  • reeceg353
    reeceg353 Posts: 56 Forumite
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    butterflybook wrote: »
    I agree with Kingstreet you should obtain the high street with this - Were any of the pay day loans within the last 12 months?

    No, does this have a big impact?
  • anfieldred
    anfieldred Posts: 267 Forumite
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    reeceg353 wrote: »
    No, does this have a big impact?

    They normally want to see 12 months at least with no payday loans.
  • UKmember
    UKmember Posts: 8 Forumite
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    reeceg353 wrote: »
    Hi All,

    Looking to buy a house soon,

    I have a single default on my account from 2013 (£135 total value for a phone bill I forgot to pay, annoying but fair enough).

    For reference my current credit score is 757/999
    Credit limit total is £7,000 across 3 credit cards, I have £0 balance on these cards and pay the full amount every month (i get petrol on one, train ticket on another and food shopping on the last).
    The only real credit i've been given has been for a lease on a car, £350 per month for 3 years. Other than that I haven't applied for credit since then (March 2018) and I've never applied for a mortgage.

    However, I did take out some payday loans, stupidly, for a period of 6 consecutive months in 2016 and then again in 2017... I suspect this is why I may get rejected for most lenders. I'm 27 years old (not that it matters!) and I was young and was incredibly stupid and naive about what a payday loan may do to my credit file.

    Do you think the chances are i'll be an outright rejection from most mainstream lenders? This is playing on my mind quite a lot and would appreciate an honest answer, even if it's brutal.

    Can anyone recommend an Adverse Credit Broker please?

    Thanks,
    Reece

    Hi Reece, I would recommend MortgageGym, you fill out your details, they do a soft credit search and then you will have the option to speak with a broker. I used MortgageGym last night and spoke to a broker today. Great service and free.
  • scotgal30
    scotgal30 Posts: 72 Forumite
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    A decent mortgage broker will get you a mortgage - you may need 15% deposit though...
  • ACG
    ACG Posts: 23,728 Forumite
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    UKmember wrote: »
    Hi Reece, I would recommend MortgageGym, you fill out your details, they do a soft credit search and then you will have the option to speak with a broker. I used MortgageGym last night and spoke to a broker today. Great service and free.
    I think they are just a glorified lead generation site. So they are basically selling your details on to mortgage brokers.
    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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