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Am I really trapped in social housing?

scottvsaunders
scottvsaunders Posts: 6 Forumite
in House buying, renting & selling
Hey,

I wanted to see if anyone could give me some advise as we seem to be in a bit of a grey area within the housing market.

Basically we live in a Council property and are desperate to buy a new house, I have a full time job and have a very good job thanks to a lucrative commission structure and earn over £80K ever year. The issue we have is that my credit rating is pants thanks to defaults gained 4 years ago when times were not so good. These debts are now paid but still showing on my credit file and stopping me from getting a mortgage - even trying to do the "right to buy" is a dead duck again due to credit rating. We cant go for private renting as the leases are not long term and I have a large family meaning I am stuck in social housing.

When the local council brings in loss of subsidised rents for high earners we will be paying alot more and have no where else to live.

Am I missing something or is there really nothing we can do other than put up with it till the defaults start to drop off etc ?

Cheers
«13

Comments

  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    Name Dropper First Post Photogenic First Anniversary
    How much of a deposit have you saved? Have you been to see an independent mortgage broker to discuss your options?
  • scottvsaunders
    scottvsaunders Posts: 6 Forumite
    Hi,

    I have yes, they took one look at my credit file and politely told me to "do one"

    £15K deposit
  • hammy1988
    hammy1988 Posts: 145 Forumite
    Yes, I agree, visit brokers and be openly honest about your credit rating. Maybe even who you bank with might be worthwhile as they see what goes in and goes out.

    Is there any way of contacting those who put the defaults on the system (obviously if they are sorted now) and asking them to clear off your record? Sometimes worth a try especially with credit card companies.
  • hammy1988
    hammy1988 Posts: 145 Forumite
    I must add, it's not the end of the world living in Social Housing. Many benefits to be had with the cheaper rents and I can't imagine they are going to drop them vastly. Make the most of it whilst in them, and save for a bigger deposit. 15k is not a massive amount for someone with red marks on their credit file. Save save save!
  • scottvsaunders
    scottvsaunders Posts: 6 Forumite
    have tried - Lowell , they are all with Lowell (5 of them) :-(

    Been with my bank for 3 years, never been overdrawn and they happily accept the £24 p/month charge for giving me a platinum account but don't offer me any lending facilities at all ...think thats another conversation entirely.
  • scottvsaunders
    scottvsaunders Posts: 6 Forumite
    Oh god no - I totally agree there is nothing wrong with social housing at all... just feel that I want to having something to leave to my kids etc ... a little morbid of me I know but thats the way I feel at the mo.
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    Name Dropper First Post Photogenic First Anniversary
    I'm very surprised that an independent mortgage broker would tell you to "do one" purely due to defaults that are 4 years old. Did the broker(s) that you saw say anything else that would lead to being declined for a mortgage such as too small a deposit or affordability due to your number of dependents?
  • hammy1988
    hammy1988 Posts: 145 Forumite
    scottvsaunders wrote: »
    Oh god no - I totally agree there is nothing wrong with social housing at all... just feel that I want to having something to leave to my kids etc ... a little morbid of me I know but thats the way I feel at the mo.

    I know you didn't mean it like that at all, I was aiming it at the financial benefits of living in them. If you have tried clearing the marks then I'm not so sure, hopefully someone a bit more qualified than me than comment on how to tackle it :)

    Good luck!
  • Glbooth3
    Glbooth3 Posts: 72 Forumite
    I would go to a independent mortgage broker. Be honest and open and they will be able to find you a deal, prob not highstreet with good rates but that can be sorted after paying a fixed rate term....also how much are you looking to borrow and what LTV are you hoping to get?
  • Cheeky_Monkey
    Cheeky_Monkey Posts: 2,072 Forumite
    hammy1988 wrote: »
    I must add, it's not the end of the world living in Social Housing. Many benefits to be had with the cheaper rents and I can't imagine they are going to drop them vastly. Make the most of it whilst in them, and save for a bigger deposit. 15k is not a massive amount for someone with red marks on their credit file. Save save save!

    £15k doesn't seem very much for someone earning over £80k a year and living in subsidised housing. How long have you been saving?
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