These make it HIGHLY unlikely you will get a mortgage from a high street lender you need to talk to a broker about your chance of a bad credit mortgage

I was going on holiday and commission was delayed by a few months (it’s paid on a monthly basis rather than a one off lump sump) because of covid and the nature of my sector. I know in an ideal world I shouldn’t have taken them out however the holiday was paid and I would have had no spending money for me and the kids. These were the only credit options available, I have paid back a large overdraft in the past few years too, I requested an OD from bank for holiday but it was a no.

The loan is over 12 months and I will be paying the Vanquis card in full at the end of this month. I have a small amount on a store card, ?200 which I have been paying down and I plan to pay off this month also. I have 3 other defaults that I have been paying off, they are older than 6 years so not on credit file. I have around ?10k left to pay and have been paying ?300 a month to these too.

if we split up I’ll need to try and take on the lease not sure how that will go It won’t be possible. The lender will not agree to you taking on the debt in your name. I think you may have to plan on carrying on paying the lease even though it is in your ex’s name.

Having a large deposit doesn’t change the fact that you have a lot of uncleared defaults the ones off your credit record are bad because the lender will see them And recent defaults show that this wasn’t some historic problem but your finances are still not on a good footing.

I was just wondering if anyone here with default has recently managed to get a mortgage with 10% deposit. Continue reading →