No morgage becouse of very poor credit score (too many searches!no debt!)

majag24

I was refused morgage for 80000 becouse there were too many searches in our credit report (16- most of them credit accounts, phones etc- no debt, overdrafts etc) and we did not enroll for voting at our new place! I have got 15000 in savings and NEVER HAD ANY DEBT OR OVERDRAFT!! I did Experian credit report after and I have 300 points -VERY LOW! I already enrolled for voting but it takes a month...
The problem is I really need to buy a house (my contract for renting will finish in 2 months time -I pay £700 per month, house prices are low and I found few nice and affordable houses) I earn 20000 per year.
Should I try to convince banks or go for a broker?
PLEASE HELP!!!!!!

Enfieldian

Not being on the electoral roll is a major disadvantage when applying for any type of credit.

Noit having had any debt or loans before does not help either, think about it, How does any prospective lender get an idea of your repayment "behaviour"

The score that you have is Experian's own rating so not really relevant.

If the £15,000 is to be used as the deposit then your income multiples do appear to stack up.

Remember that you will have to pay for a survey and a solicitor though.

Why does your rental contract end in two months? Does the LL want the property back or could you not go on to a periodic tenancy and take it from there?

majag24

Our Landlord does not want shorter than 12 months contract, we think to move somewhere else but it is not easy.
Do you think broker would help me to overcome my credit score?
Or should I wait a month till I appear on voter's list?

superfran_uk

Your landlord would rather go through the hassle of getting new people in than letting you stay for a while? Has he actually said this to you? Have you had your 2 months notice from him then? Unless he's actually asked you to move, the tenancy will continue as a rolling tenancy without you having to sign anything.

Also to go from not even having a mortgage in principle to moving in 2 months is pretty optimistic! We're FTB moving into a vacant property, so no chain at all, and it's going to be the best part of three months before we're in and that's not including the two months we spent trying to find somewhere, although I assume you already have an offer accepted on a place?

But that aside, I would advise you to use a credit card for small amounts and then pay it off in full each month. You're already making sure you're on the electoral role, although it's a shame you did not do this sooner. Don't apply for anything new and don't go round to every mortgage lender because the more they search, the worse the situation will get.

majag24

He told us we need to move out if we do not want to stay longer than half a year plus we have to pay for every 3 months at the beginning of the month. I have been renting for 2 years. Does it mean that he has to give me 2 months notice anyway? I have a credit card and I do use it all the time (and I also pay it off in full each month). Will my situation change after a month when my name will be on the voting list? Should I get a broker?

PasturesNew

Even if you had a mortgage offer in your hand now - and were out viewing the perfect house tonight and had your offer accepted, it's still possible that two months wouldn't be enough time to complete.