Any chance at all?

markuk88 · 20 August 2017 at 9:07PM

Looking for some help / advice really. I have 3 defaults on my record, 1st for £220 to credit card company, dated August 2012, another for £2200 which was may 2013 and was settled in August 2015 and another for £140 which is dated apri 2014.All are settled and was told 18months ago by Taylor Wimpey mortgage advisors that I had no chance att all unitl the £2200 came off and the £220/ I was just wondering now as time as gone by if there would be a chance at all whether its help to buy or 95% mortgage. I have a car on pcp and 1 credit card with a bank which has a credit limit of £3500 and currently only had 100quid on it. I am on 24k and partner is on £18,500. If it was old build we would only be looking at buying a home of which is £115,000 and we currently renting in this property. Or help to buy which would be a new build valued at £149,000. Does anybody think this would be possible?

Thanks in advance.

Geoff1963 · 20 August 2017 at 9:19PM

My best advice would be : assume it is not possible ; but then just as an interesting technical exercise, go through as much of the process as you can before it costs money or hard credit report hits.

ACG · 20 August 2017 at 9:28PM

At 95% I dont think you will get a Mortgage, at 90% there is one lender, at 85% you should have a couple of options.

markuk88 · 20 August 2017 at 9:34PM

Thanks for the replies. Do you think I would have a chance at the moment with help to buy?

ACG · 20 August 2017 at 9:43PM

Difficult to say as I do not do HTB, but I think there might be a little too much adverse, maybe in 12 months once its a little older.

Geoff1963 · 20 August 2017 at 10:40PM

Is it possible to ask "the system", saying that the plan is to apply in 12 months when your credit rating is better, and you want to see how that would go ? "The system" might say, "Why not apply now ?"

markuk88 · 21 August 2017 at 9:10AM

Thanks for the replies. I think I will go with what was planning and apply this time next year when one comes off record and the other is 3 years cleared.

kingstreet · 21 August 2017 at 10:00AM

markuk88 wrote: »

Thanks for the replies. Do you think I would have a chance at the moment with help to buy?

Yep. You should be fine on HTB.

You should have one or two high street options as well as three adverse specialists.

markuk88 · 21 August 2017 at 10:26AM

Ok well if you think I may have a chance now, I will contact a local broker and see if anything can be done. Have our eyes on a new build which is £152,000.

tinofthewards · 22 August 2017 at 10:11PM

Hi there,

My partner and I earn £50k annually combined and were declined for HTB as we could 'afford' the mortgage ourselves with no help.

We attempted to get a 95% mortgage and were declined by all of the high street lenders and one of the adverse credit lenders (aldermore) this is because I have a 6 year old default with Vodafone which is now been settled.

We managed to get ahold of 10% deposit but still got declined by all of the major lenders.. we are hopeful we have been approved my Clydesdale.

Overall, trying to get a mortgage with a small desposit and bad credit score is not impossible but not for the faint hearted.

When applying for help to buy make sure the house price is more than your combined income x3 or they will decline the application.

Good luck!

Any chance at all?

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