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Few declined home loan as a result of credit that is bad find solution to purchase ?158k two-bed house – here’s the way you could get it done too

Few declined home loan as a result of credit that is bad find solution to purchase ?158k two-bed house – here’s the way you could get it done too

Ben Link, 30, ended up being rejected for home financing in 2017 thanks to their credit that is blemished history a lot of defaults on payday and private loans

  • Holly Thomas
  • 10 Apr 2018, 14:00
  • Updated: 10 Apr 2019, 14:35

A couple that is YOUNG to obtain regarding the housing ladder despite accumulating ?8,500 worth of debt from personal and payday advances.

Ben Link ended up being refused for a home loan in 2017 they were renting, thanks to a tattered credit history after he and his fiancee decided to buy the home.

Ben and Kathrynn Topps, 25, a teaching associate, was leasing the 2 sleep terrace within their hometown of Cheltenham for 5 years.

The landlord, a youth buddy of Ben’s, desired to sell up and gave the few dibs that are first making an offer regarding the household.

Their offer of ?158,000 had been accepted.

However in the straight back of their mind, Ben, a task supervisor for an aviation business, knew he could have dilemmas getting home financing.

Ben, 30, features a blemished credit rating after a lot of defaults on pay day loans and individual loans along with two county court judgments (CCJs).

Ben states: “I racked up a lot of debts during college and foolishly proceeded to reside beyond my opportinity for about four years after.

“we finished up owing around ?8,500 in signature loans and payday advances. ”

Ben ended up being lucky to help you to pay for these loans off with inheritance kept by their grandmother whom passed away this past year.

Ben claims: “Even though I became debt-free and Kathrynn’s credit history had been squeaky clean, my credit score was at tatters by having a long a number of missed loan repayments.

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