We currently have a DIP from a high street lender, and are ready to put an offer on a house.
We have adverse credit on both sides due to late payments. I also have a default on my account that doesn't show on my Equifax but does on other reports from 5 years ago.
We have credit cards that we pay off regularly and a loan that has never missed a payment. The late payments are from an old phone bill 2 years ago and a store card late payment that was literally A DAY due to a mishap on my account from last September.
My query is.. should we continue with our DIP or be safe and look for a mortgage that is aimed more for people with bad credit?
Our deposit is 15%.
Hi, thanks for getting in contact.
This will be lender specific however based on the information provided I do believe there are high street lenders out there that would be comfortable with that level of adverse credit.
There's limited options with even 15% with most lenders due to current events so the right selection of high street lender probably is your best bet.