To think my life is buggered

[Clappingforjoy]

Bad credit and going around in a vicious circle of no no no to getting a small mortgage.
I have spoken to specialist bad credit mortgage brokers who say the £10.000 I have needs to be doubled as it's not enough due to my credit history.
Also been told minimum income requirement is 18000 and I only earn 14000.
I have kept up with rent payments for over 3 years and have not taken any credit in the last several years but still nobody will lend to me.
Up to date with everything but I'm still stuffed and too old and worn out to change it.

[Clappingforjoy]

Is anybody here like me or am I alone I feel like such a failure.

[Vallmo47]

I’m sorry you’re having a horrible time but you’re far from alone in this situation. 🌺

[swaziscot]

Don’t feel like a failure, sounds like you’ve worked hard to turn your financial situation around and you’ve done really well so you are definitely not. We all fail at times anyway, but you’ve put the debt etc behind you.
Could some kind of financial advisor help you out with knowing what you can do to move forward? I have no idea how much they cost though.
Sorry I’m not much help.

[Clappingforjoy]

It's awful because the mortgage payments would be so much less than my rent payments I am truly gutted.

[bluelagoonn]

Youre not alone my credit is shocking and no-one will touch me until its sorted so im working on it now. How urgent is the need for the small mortgage? Are you renting, whats the situation.
Guess its just you at home?x

[Clappingforjoy]

I'm renting and its just me applying but I'm hitting obstacles everywhere.

[Twotinydictators]

Have you looked at shared ownership? That might be a way.

You've done a great job getting rid of your debt. Have you looked at your credit file? There may be things you can do to improve your score. Money Saving Expert has loads of helpful info on topics like this.

Is there anyway you can increase your salary by £4k a year? Pay rise? Overtime? Second job? Increase your qualifications? Not only would this increase your annual income but if you saved the earnings towards your deposit, it would increase that too.

Alternatively you could just decide to be content that you have cleared your debt, you have a job and a home. It may not be exactly what you hoped for but you have achieved all of that and that is worth something

[Clappingforjoy]

I guess it's not urgent but I want out of rental and due to my age 50 I cant leave to long to start a mortgage

[Labobo]

You may actually need to start taking out a bit of credit again (eg credit card that you faithfully pay off every month by DD, and rarely use.) Not using credit lowers your score.
Is there any way you can look for a job with a wage upgrade? 14k pa is low, so even in the same job you might find a bit of increase in a different organisation.

[WhatAreWordsWorth]

Sorry to hear this OP, but your life isn’t buggered at all!

Firstly, are you still in any debt? If so, I’d work on clearing that as soon as you can. You can get some brilliant advice on the Moneysavingexpert forum - I’d advise doing this anyway, even if you’re not still in debt.

Secondly, have you done everything possible to improve your credit score in other ways e.g. registered on the electoral roll?

Honestly I understand that things might look shit at the moment but things can change quickly, especially when it sounds like you have the right attitude and are willing to improve your credit score. Could you get a different opinion from another broker?

[hatedbytheDailyMail]

To be fair, if yo're 50, have a bad credit rating, only 10k in savings and a very low wage.....you can't really have thought anyone would give you a mortgage, could you?
Not being mean...I can't get a mortgage either, but it's not a shcok.

[Clappingforjoy]

Well I'm sure I can keep up with mortgage payments if I can keep up with rent but only in a ideal world would they see it like that I guess.
I still have debt it's not cleared but a family member is dealing with it for me.

[Clappingforjoy]

I'm on electoral roll yes

[Clappingforjoy]

hatedbytheDailyMail
I complete understand your point I thought the same but I guess I thought it's worth a shot

[hatedbytheDailyMail]

You might be sure of it but its doesn't work like that in real life. You're simply not in a position to get a mortgage, any one of the issues you have would be enough on its own to see you likely denied, but all together....
Sorry if it sounds harsh but sometimes its better to just accept the reality and change your focus.

[bluelagoonn]

@hatedbytheDailyMail

You might be sure of it but its doesn't work like that in real life. You're simply not in a position to get a mortgage, any one of the issues you have would be enough on its own to see you likely denied, but all together....
Sorry if it sounds harsh but sometimes its better to just accept the reality and change your focus.

Whats the need for this, she has already explained this to us thats how we know. You dont have anything helpful to suggest

[minniemoocher]

Can you work full time? Mortgage providers are very hesitant to loan to people on such low wages

[hatedbytheDailyMail]

Actually I would say its very helpful to be realistic about expectations and to know when something just isn't going to happen. It's far more helpful than pretending OP will get a mortgage if she goes to a different broker or something.
Lying to OP is not helpful or kind you know, quite the opposite.

[WhatAreWordsWorth]

Agree with PP about looking into shared ownership, or trying to increase your wage if possible. These are your two best options, even if increasing your wage just gives you a bit more stability and more of a safety net in the future.

[Clappingforjoy]

I suffer from health conditions so it's not feasible to take on more hours. I've got no chance have I

[AmySosa]

It’s all a bit cloud cuckoo land really. Your earnings are so tiny, how would you maintain a house that you own? Boiler goes, that’s three months income. Roof needs repairing? You’re fucked.

Honestly in your situation you are much better off renting. Think of the extra you pay as insurance against upkeep costs.

[Wannabegreenfingers]

Bad credit hangs around for 6 years unfortunately.

Definitely look into a credit card that you pay off every month, this will help build a credit score

[Gadzookery]

In terms of age, some lenders will give mortgages these days up to age 75 - depending on occupation etc, so it may still very well be that you can get a full 25 year term which would spread the cost (all other things being equal) .