First time buyer help

jamesoh90

Hey guys.

I'm 19 and have never had a mortgage before, have always rented buy the places never feel my own.

I have found a house I want to buy, and it is £60,000.

I have a deposit of £15,000 which I am willing to put down.

I have never been on the electoral role and have a few missed payments on certain accounts, but have never really defaulted.

Where do I go from here? Do you think it is possible I could be accepted for a mortgage??

I have a full time permanent job at Royal & Sun Alliance as a insurance claims handler. I have been working there for 4 months.

Caz3121

well done on your deposit, that will be a great help.
You should get a copy of your credit reports (Experian etc..think there is a post about this) and see what sort of information is on there re missed payments and your score (note this score is only a guide as each lender will have different scoring for their products)

oh and you need to get on the electoral role too

jamesoh90

I can't get on the electoral role, I am having to leave the flat I am in just now due to problems with the building, so will be staying with friends until I can (hopefully) buy a house.

mariaadam

Hi there!!

I'd get both credit reports and see what they look like.

Have you had any issues getting credit recently?

I'd advise you to go to a FREE OF CHARGE advisor - most can be found in large estate agents (again make sure it is all free!!!) and they can advise you in person. There are certain lenders who will only leave a 'soft footprint' eg. Halifax so it wont affect your credit score if they check you

The big things going against you would be CCJs, defaults, IVAs, Bankruptcy so you may be ok.

Well done on the deposit!! That will also help with getting a mortgage.

Good luck

mariaadam

Oh and please please please dont get credit checked by a load of advisors or banks......nightmare situation!!

tbs624

mariaadam wrote: »

I'd advise you to go to a FREE OF CHARGE advisor - most can be found in large estate agents (again make sure it is all free!!!) and they can advise you in person. ...

It's " free" because of the potential for a big fat commission

Many people prefer not to use EA "mortgage advisors" and to find an independent.

OP - read MSE Martin's advice first:
http://www.moneysavingexpert.com/mortgages/best-mortgages-cashback

blueberrypie

mariaadam wrote: »

I'd advise you to go to a FREE OF CHARGE advisor - most can be found in large estate agents (again make sure it is all free!!!) and they can advise you in person.

Better to go for an *independent* advisor, who won't be relying on the commission he/she gets paid by the large estate agent.

Some independent advisors offer free advice, some don't. All have to make a living, though, so if they aren't getting paid for their advice, they'll be getting commission from the lender. No problem with that, as long as they're honest about it.

(It's worth noting that the person suggesting that you get free advice from an estate-agent advisor is an estage-agent advisor.)

mariaadam

Hello!
The reason I say to ALSO go to an estate agent as well is for a VERY valid point which is always something I wonder about Martins advice. Some estate agents, I.E the largest one in the country, do not charge for advice...but the main point it they actually get exclusive rates direct from the bank....and this on many occasions has meant they can actually get a lower rate or other exclusive offers that aren't available in the bank and certainly not my 'independant' advisors. This is usually the reason many 'independant' people have this propaganda out not to go with an estate agent.
Its probably an hour of your time but at least you ar comparing EVERYTHING on the market.

PS. I'm not sure how some people know of the businesss but on your KFI you will have all charges. The advisor, this goes for estate agency based or 'independant will charge whichever lender you go with. Its not really something I'm going to try to talk yu into as I cant possibly have your business but I think its good for me to come on here and give you all the options. Make yourself aware of all the offers available whether it be independant, direct or with EA.

brit1234

jamesoh90 wrote: »

I can't get on the electoral role, I am having to leave the flat I am in just now due to problems with the building, so will be staying with friends until I can (hopefully) buy a house.

Register at parents home ASAP