Having a recent payday loan on your credit history can make it much harder for you to get a mortgage at a good rate - or even at all! If you have used payday loans, the rule of thumb for a mortgage application is to wait until at least 2 years have passed after your last payday loan was settled. Before coronavirus, the usual advice was to wait one year. But from 2020 many mortgage lenders … [Read more...]
Articles about Mortgages
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Mortgages are a "priority debt". If you are having difficulty paying the mortgage you need to take debt advice as soon as possible - the earlier you do this, the more options you are likely to have.
These pages list all Debt Camel articles about mortgages in date order. There is a general summary on this page Mortgages and Debt page.
Mortgage repossession and your credit record
A reader, Mr D, asked: I had a mortgage shortfall from 2006 after my house was repossessed by Natwest. As a mortgage shortfall stays on file for 12 years, I decided to make a Full and Final settlement offer in January this year which they accepted and which has now been paid. Now with both Equifax and Experian, the account has disappeared, it doesn't appear in my open or closed accounts. … [Read more...]
“Can I use the Right to Buy my council house when I have debts?”
A reader asked: I moved in with my parents into their council house several years ago and we are looking into the right to buy scheme. We received the paperwork and it stated that you are not entitled to the right to buy if you owe money to creditors. Five years ago I lost my job and had a relationship breakup and unfortunately got into debt. Two accounts were defaulted and I went into a payment … [Read more...]
Bankruptcy, IVA, DRO & your credit rating
If your debts are so bad that you are going to have to choose one of the three types of insolvency, you know this will wreck your credit rating, but how long will this continue? This article answers this and other you may have about the effect of insolvency on your credit record such as Will you ever be able to get credit again? What about a mortgage? Is bankruptcy worse than an IVA or a DRO for … [Read more...]
Repossession after bankruptcy – be careful!
What do you need to do if you want your house to be repossessed after you go bankrupt in England, Wales or Northern Ireland? Perhaps the house is unaffordable, has negative equity, or it's the wrong size for you. For whatever reason, you want to move out, are happy for the mortgage lender to repossess and may want to "hand back the keys" as fast as possible to get it all over with. The … [Read more...]