First Time Buyer With Poor Credit

maka_2

The situation is, we both work full time and have a two year old son. At the moment we rent from the local council, my partner earns approx £15,500 with overtime etc... and i earn roughly £200 per week. An opportunity has arisen being a council tenant in a rural area, allowing prospective buyers to buy a property on the open market (up the a certain limit) and they will pay 25% of the purchase price in the form of a loan ( too long to go into the in's and out's of this but basically it will stay there untill you sell on and there is no rent or interest to pay on it).

So with house prices the way they are it would be the only way we could get on the proprty ladder. My grandparents will kindly give us £5000 as a deposit and a house we have details on is on a £114,950. so we would need to fund the remaining 75% of this price if we went for it.

Now heres the big problem. I have 2 CCJ's and my partner has 1 which we pay regular amounts to and which we will clear before applying for a mortgage. However, although they will be satified they will still show up and so to will various other debts from when i was a student and when my partner was far too friendly with store/credit cards! These are all being managed and paid by monthly instalments however i think we dont have any chance of being accepted for a mortgage although we could afford the repayments and have been financially sensible for the past two years.

We dont have long to sit on this as this loan scheme will run out in march and i am worried about missing a great opportunity to get on the ladder and a better future for our son.

Do you think anyone would consider giving us a mortgage in our situation given its only 75% of a fairly low house price?

P.S Sorry for the waffle!!!

BM
xxx

Kunoichi

http://www.csfs-mortgage.co.uk/

Try these people. I've used them!

They are Independant Financial Advisors. They not only have an extensive knowledge of mortgages available, but they can also offer insight as to how you may be 'viewed' by mortgage companies due to their familiarity with them and inturn can advise which companies to approach considering you circumstances. Not only this but they can also help you restructure your finances to make it all a bit more managable!

Yes, if you decided to apply for a mortgage through them, they do charge but I hasten to add I did not find these charges to be extreme!

I can't reccommend them enough!

I don't see why you would not be offered a 75% mortgage. Although you have CCJ's, the mortgage company is not at risk and - lets face it - will always get their money one way or another.

Hope this helps!

becky004

https://www.lcplc.co.uk

London and Country Mortgages are also Independent but they don't charge, have found them to be excellent.

They are also mentioned on the Mortgage and Homes link on the home page of this site

maka_2

Thanx for your help!

I am going to view that house today to see if it's even worth persuing, and if so i will be right on the phone to those companies.

Thanx again i think i just needed some reasurrance that they were not going just turn around and say no straight away, even though they would make lots of money out of me.

BM
xxx