Mortgage Question

[SimonMac]

Quick question, had bad debts in the past but all sorted now, although it has left me with a bad credit score, asked the bank who holds my personal and business account for a mortgage and they said no, affordability was fine but failed the credit check.

Is it worth while trying to go to a contract mortgage specialist broker, or will it be futile as its my credit worthiness that has knocked me back rather than my position as a contractor.

[DimPrawn]

What about the new Tory tax-payer backed sub-prime initiative to swell Conservative donating house builder profits?

Bad Credit Mortgages

Non-conforming, sub-prime or bad credit mortgages are becoming common in today's mortgage environment and many of the mortgage lenders are now offering very competitive mortgage products to cater for this growing market.

[d000hg]

Quick question, had bad debts in the past but all sorted now, although it has left me with a bad credit score, asked the bank who holds my personal and business account for a mortgage and they said no, affordability was fine but failed the credit check.

Is it worth while trying to go to a contract mortgage specialist broker, or will it be futile as its my credit worthiness that has knocked me back rather than my position as a contractor.

You might as well. However you would ideally want them to give a provisional answer before they do their own credit check and risk hurting your record further.



Has anyone looked seriously into the new government loan/deposit thing to see if it's of value to those who can afford mortgages already?

[alreadypacked]

Quick question, had bad debts in the past but all sorted now, although it has left me with a bad credit score, asked the bank who holds my personal and business account for a mortgage and they said no, affordability was fine but failed the credit check.

Is it worth while trying to go to a contract mortgage specialist broker, or will it be futile as its my credit worthiness that has knocked me back rather than my position as a contractor.

Move, give yourself a middle name, registar to vote, close all accounts you had problems with, open new accounts, close company open new one, different bank etc.

Get rid of your old life, start a new one.

New with no credit history is better than old with bad one.

Just my opinion.

[EternalOptimist]

forget credit. save up , pay cash

who needs debt ?

[NotAllThere]

forget credit. save up , pay cash

who needs debt ?

Leverage, old chap. *ahem*

[Netraider]

Quick question, had bad debts in the past but all sorted now, although it has left me with a bad credit score, asked the bank who holds my personal and business account for a mortgage and they said no, affordability was fine but failed the credit check.

Is it worth while trying to go to a contract mortgage specialist broker, or will it be futile as its my credit worthiness that has knocked me back rather than my position as a contractor.

Hi SiMac,

In the past I had debt problems, and was unable to get a mortgage through a traditional lender. This was despite all debts being cleared without resorting to an IVA or bankruptcy. In the end I went with Accord Mortgages (Associated with the Yorkshire Bank) and managed to get a fairly reasonable deal.

It could be worth registering with one of the credit agencies (I'm with Experian) to see when your rating will improve.

HTH

[kingcook]

Move, give yourself a middle name, registar to vote, close all accounts you had problems with, open new accounts, close company open new one, different bank etc.

I do believe this is what OP is trying to do

[alreadypacked]

I do believe this is what OP is trying to do

My guess he is renting, move to a new area.

[Zippy]

This is a bit of a guess but would be a homeowner (of anything) improve your credit score? If you could put up with living in a bit of a hole for a couple of years (assuming you could pay cash for it)?
Failing that - having a very large deposit may help. Have you tried Moneysavingexpert?