Where can I get a Mortgage with Poor CreditHow can I get a mortgage with bad credit?
Bad credit mortgage application
I' m looking for a new building with my partners, within the next year or so. If we look to buy, I have 3 years value of assets and I am conscious that a multitude of mortgage lenders will be lucky to be able to base my earnings on the last two years averages.
Mortgage needed after the help to purchase and pay in would be £187,500 for example on a £250k home. Currently I have no credit arrears except for one credit card which I use to issue some 150 p/m on this and fully refund to help my credit rating (which is bad).
There are no borrower's or credit bank balances other than these. Same as me, my affiliate does with a credit line that is fully charged and has no other debt/credits. I have a very good credit rating and my partner's credit record is very sound. My main issue is my credit rating.
I' ve got 6 default settings from 2013 that are dropping most before we look to apply for a mortgage, however one still stays up to about 6-9 months after we look to buy the property. What is more, we are looking to buy the real estate in the next few years. I got into trouble financially during this period and because my credit rating was bad, I used two PayDay mortgages.
Both of these were paid in full by June 2017, but I paid them back under an " Arranging To Pay" facility with the creditors over a longer term than the originally arranged payback time. That means my credit record is bad. Although I am now in a good situation regarding debt-free, steady incomes and low spending.
- For 18 moths before we request the mortgage, no debts (except a credit line that is fully reimbursed every month). - regular payback histories of my credit cards that have been fully charged between 12-18 monthly periods and never use more than about 12% of my available credit on the cards.
- We generated steady revenues and a large part of these revenues was paid into saving bank account for our deposits/money for the establishment of our home. So, really, I want advice on the chance I'll be able to get a mortgage (Halifax, which is the most likely aspirant I'm looking to use) in about a year considering my bad credit record and if my probabilities are increased by the fact that these issues are all old issues/are the latest one taking out a PayDay Loan in what would be almost two years before asking for a mortgage.
Is there anything else (other than full credit payment ) I can do in anticipation to increase my odds? I have a credit line of £1,400 and therefore I will only use 10-12% of this maximum every months before the refund.