Mortgage ** very poor Credit and ** Excellent Credit simon needs help

Hello, I hoping I can get some help.

Here is my dilemma, over past few years i have never been good with money always in an out of payday loans and recently hit with a default last year in June 2016 on one of the PD loans. now I have learnt my lesson and started to become sensible I have since paid off all debts I had and got out of my overdraft.. I am saving for a mortgage but how severe will this effect my chances when I apply in say a years time or two years?

I am getting married this month and my partner has always been good with money she has good credit compared to my 'very poor credit' she also owns her own home which is rented out and that mortgage is already fully paid off and also owns half of another property with her brother which we are currently paying off and is the place we live now.

my question is when we decide to take on getting are own place we will have a sizeable chunk of deposit and she will already have a mortgage paid off in her name but would we get turned down due to my financial background and default on my credit file?

and another questions if the default is from one company and defaulted several times over a period of months is that counted as one or 5 even if the same company and loan issued it?

Many thanks


You would only be defaulted once, it just shows the status of the commitment every month. If it was in default for a few months and then satisfied it would just be one default.

With one default and a significant deposit (15% plus) I am sure you will be fine. You may have one or 2 high street lenders who will consider it but you may end up with something a little higher for a couple of years. I normally say one person can not pull up the other person but there are exceptions and this may be one of them, especially where there is a clear history of being bad with money but then a massive and sustained improvement.

Pay day loans and a default are not a great mix, but I think it can be overcome although youu probably will need a broker.

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