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Mortgage with very bad credit score
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stressed100
3 Posts
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1
13/01/2021 - 11:24 am

Hi,
Advice needed please, I have £35k debt in credit card which I am paying off in September when my partner sells his property. I unfortunately have missed payments on these credit cards and cannot afford to make the minimum payments in the next couple of months. My partners credit score is good but mine is very bad due to missed payments and been over credit card limits on all cards.
Once I have paid off the credit cards off, will I have a chance of getting a mortgage this year?
Looking at property value of approx. £350k and have a deposit of £110/120k
Thanks!

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101 Posts
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2
13/01/2021 - 11:29 am

Hi thanks for getting in contact.

A mortgage is likely to be possible later in the year when the debts are cleared especially with such a large deposit.

Please do be cautious with the amount you apply for on a future mortgage though as if you’re currently in a situation where minimum payments are not affordable I have no doubt you don’t want to put yourself in a similar position later down the line.

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stressed100
3 Posts
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3
13/01/2021 - 11:29 am

Thank you for your response, mortgage payments are fine its just the mess I got into with overspending on credit cards that’s the problem.

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101 Posts
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4
13/01/2021 - 11:29 am

Don’t worry I do understand, credit cards can spiral can’t they!

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stressed100
3 Posts
(Offline)
5
13/01/2021 - 11:30 am

Would I need to wait 3 months after the last missed payment or as I had cleared the debt could I get a mortgage straight away? I have quite a lot of missed payments on my credit report. What sort of rates would I be looking at?

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