Mortgage Question

[MarillionFan]

You been taking lessons from Norrahe on how to link an image?

[SimonMac]

See now you actually managed to fix it before I had a chance to take a pop at you, you SHOULD have just ignored it and I would have looked foolish, but by bringing attention to the fact you have shown you have the technical skills somewhere between Suity and Norrahe

[Martin@AS Financial]

Quick question, had bad debts in the past but all sorted now, although it has left me with a bad credit score, asked the bank who holds my personal and business account for a mortgage and they said no, affordability was fine but failed the credit check.

Is it worth while trying to go to a contract mortgage specialist broker, or will it be futile as its my credit worthiness that has knocked me back rather than my position as a contractor.

Hi Simon

As Northernlad has suggested, the first thing to do is work on getting your credit repaired. Make sure you are on the electoral roll as this will have a major impact. The second thing to do is to demonstrate to lenders you are good with nominal sums of credit. Do this by doing your weekly food shop on the credit card and then clear the balance at the end of the month. The fact that you already have a mortgage is hugely positive as long as you have maintained the payments on time.

Essentially, having no credit is worse than having bad credit today. The last thing that you want to do is make lots of mortgage applications as banks are linked up by the Hunter System. This enables them to see previous applications with other banks and if they see a string of declines, they to will inevitably decline to lend as well.