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Is a mortgage possible?



I'm looking for some advice really. Predictably I have amounted huge gambling debts. I have plans in place and have been keeping to them. I've been gam free for 3 months and I'm starting to look to the future but I wonder if I have ruined my life in that I won't now be able to ever borrow money and have a mortgage. Ha anyone been successful in gaining a mortgage when they have poor credit and large debt even if its manageable? 

Thanks in advance. 

Topic starter Posted : 1st January 2022 8:46 pm

Hi mate

I work in housing and work closely to a broker that says mortgages can be possible even if you do have lots of debt. I mentioned it to him from a personal point of view as I have a debt management plan. The only downsize is high interest rates as I believe your normal high street lenders would not be keen.

I would suggest speaking with a mortgage broker that sources the whole market and that would give you the answer.

I hope that helps


Posted : 1st January 2022 8:48 pm


i’ll echo what Tom said.  When we remortgaged 3 years ago my credit rating was in the gutter with loads of missed payments on cards etc.  We were lucky as we already had a mortgage with a high street lender but had no option but to stick with them but meant got a sensible rate. 

if your credit is bad chances are you’d have a very small pool of lenders to choose from and you will prob get hammered on the rate (multiple times higher than lowest if your credit was good).  

I remortgaged again end of 2020 with a good rating and got a good deal so perhaps wait if possible until you can rebuild.  Definitely worth speaking to an independent lender who will be honest with you once they’ve seen your credit file 

good luck 

Posted : 2nd January 2022 12:24 am

Thanks both, I really appreciate it and at least there is some hope. Hopefully my credit rating won't take too long to improve. I think the defaults should come off in about 3 years and u haven't missed a payment in 18 months. Fingers crossed 🤞 


Topic starter Posted : 2nd January 2022 2:20 am

It will take 6 years from the date of the last default to clear

Until then as others have mentioned a lot of high street lenders aren't going to want to touch you with a bargepole 

Another point to take into consideration is that we are possibly in the biggest housing bubble the uk has ever seen 

Inflation rate is heading towards 10% and a very bad recession isn't far away , if you aren't careful you could end up paying way over the odds on both the property and the mortgage interest rate and find yourself in negative equity for donkeys years that would be my biggest worry 




Posted : 2nd January 2022 5:36 pm

A mortgage is possible, but it will be difficult to get a decent fixed rate/low interes; you want to avoid a variable rate if possible. 

What we did was buy the house in my Mrs. name for the mortgage, then i added myself on two years later by having the solicitor do a transfer of equity for the property. This gave time for defaults etc. to drop off the registers. 

Doing this is a possibility, but will depend on if your partner can get the mortgage on their own 

Posted : 3rd January 2022 1:01 pm
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