First time buyer, adverse credit, needs mortgage

dsimpson

Hi everyone. I'm 24 and looking to buy my first flat.

I'm in full time employment living with my parents. The mortgage would be for £224950 which is the the cheapest in my area. Family may be able to help by means of deposit.

The problem is I have six defaults on my account. All are satisfied, the oldest is about to drop off in December, the latest two years ago.

Since then I've been squeeky clean. I've been accepted for a credit card and have never missed a payment. The same goes for my contract mobile phone.

Googling for the above is proving challenging as there is a lot of rubbish out there. I was hoping someone here might be able to point me in the right direction, or have any ideas.

I'd be really grateful for your help.

Thanks

ILW

Do you earn at least £50k PA?
Can you get hold of £30k for a deposit?

dsimpson

sadly not. does that mean im stuffed?

bryanb

Sadly, from what you've said, you appear to be sub-prime

dsimpson

mad question considering the past to years in the world economy, but are there sub-prime mortgages still about?

ILW

dsimpson wrote: »

sadly not. does that mean im stuffed?

Even with a decent credit record, you will need a 10-15% deposit and will be able to borrow up to about 4 times your annual salary. I would start looking at cheaper areas or smaller places.

dsimpson

sadly i think you're right, ilw. its people overstretching themselves and being allowed to do so that got us into this pickle in the first place.

Treadmill

I'll be honest, I really don't fancy your chances, you'd have been ok a couple of years ago when self certs where the vogue though

hoggums

225K for a flat? Where is it?

PNPSUKNET

my guess is london?