I have recently been put in a position where I am able to buy a house. Unfortunately my recent credit file does not look good:-
- I have usage of payday loans on my file. This became a problem in my life and I took out a credit union loan to get out of the cycle. I paid off all I owe to pay day loan companies last month.
- The credit union loan will be paid off at the end of February by using the money I have for a deposit.
- I have two defaults, both over 12 months old.
- I have applied and received a low limit credit card to build up my credit. I will pay this off monthly.
- I have £25k for a deposit and am looking for a home worth £90k.
It is clear to me now that I do not have a chance of getting a mortgage at this time. Can any one tell me how long I need to wait before it becomes a possibility and is there anything else I can do to make me more attractive to lenders?
- I have usage of payday loans on my file. This became a problem in my life and I took out a credit union loan to get out of the cycle. I paid off all I owe to pay day loan companies last month.
- The credit union loan will be paid off at the end of February by using the money I have for a deposit.
- I have two defaults, both over 12 months old.
- I have applied and received a low limit credit card to build up my credit. I will pay this off monthly.
- I have £25k for a deposit and am looking for a home worth £90k.
It is clear to me now that I do not have a chance of getting a mortgage at this time. Can any one tell me how long I need to wait before it becomes a possibility and is there anything else I can do to make me more attractive to lenders?