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Craygey
4 Posts
(Offline)
1
30/12/2022 - 3:17 pm

Hi, I’m looking at getting my first mortgage but have a bad credit rating, I also have about 10k of loans and credit cards including payday loans. I also have a ccj which will come off my file this April for roughly £300. Another thing is I had trouble with gambling the past 6 months so this would appear on my bank statements. I also have about £45k deposit but would use that to clear loans and debt leaving me about £35k deposit. Is there any chance of getting acceptance anywhere?

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David@SimplyAdverse
111 Posts
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30/12/2022 - 4:25 pm

Craygey said
Hi, I’m looking at getting my first mortgage but have a bad credit rating, I also have about 10k of loans and credit cards including payday loans. I also have a ccj which will come off my file this April for roughly £300. Another thing is I had trouble with gambling the past 6 months so this would appear on my bank statements. I also have about £45k deposit but would use that to clear loans and debt leaving me about £35k deposit. Is there any chance of getting acceptance anywhere?  

Hi, thanks for getting in contact.

A mortgage can certainly be possible under these circumstances however if you wanted to improve your chances avoiding both payday loans and gambling sites would do that.

The size of your deposit in relation to the purchase price and the last 3 months of your bank statements will be the key to this.

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Craygey
4 Posts
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3
31/12/2022 - 12:30 pm

Thanks for the response. What do you think the possibilities of getting a mortgage now with my past 3 months bank statements showing my gambling spending? I’ve got as far as an a AIP with an higher interest rate, but am wondering if I proceed they will see my bank statements and refuse it?

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Hayley@simplyadverse
161 Posts
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31/12/2022 - 1:13 pm

Hi there,

Unfortunately without seeing the full landscape, it is impossible to speculate.

The level of gambling relative to your income and general financial control will be assessed by all specialist lenders.

The AIP reflects your credit profile alone and an indication of your borrowing levels based upon your keyed income

Personally I’d ensure you are using an experienced broker in this area and any fees you pay are based upon achieving the mortgage offer

All the best

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Craygey
4 Posts
(Offline)
5
31/12/2022 - 1:34 pm

Ok thanks. Maybe be best to wait three months with clear bank statements then?

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