Urgent Advice Needed RE: Experian Report\Mortgage

soaps_2

Hi,

This is my first post but I have used this site to help me through LOTS of issues!!

My partner and I seen a house we both really like and we have managed to scrap together the 10% mortgage. Before going to the mortgage advisor I wanted to get both our credit reports done just to check that everything will go through ok.

Two problems arose:

1 - My partner had a CCJ on her profile that we thought was sorted. It was resolved before it went to court and a payment plan was organised. Can we get this CCJ taken off her profile?

2 - My "% of your total credit being used" on the experian report was sitting at 95%! I have one loan which has about £4500 left on it but thats it. The problem I have is I have a northern rock mortgage that was part unsecured loan\part mortgage. So it shows I have another huge loan for around £20000. Will I have problems getting a mortgage with the % so high??

Any advice would be greatly appreciated before we continue.

VIGILANT22

You both have problems...........resolve all of them first before considering buying in the future

soaps_2

When you say problems what do you mean? I can understand my partners issue but how do they work out the 95% for mine, sorry I am pretty useless at this stuff!!

VIGILANT22

you have in total 24.5k loan yes/no?...or are you paying that off

soaps_2

The total loans are £24,500. £20000 of it is part of my mortgage payment and £4500 is part of another loan. I plan to rent the flat out and that will cover the repayment of my mortgage. So none of them will be paid off it full but the repayments will easily be covered

VIGILANT22

1. Have you asked NR for permission to rent..the fact you say you have a 20k loan suggests this is a Together Mortgage and property probably in negative equity.

2. You are going to struggle to get another mortgage at this time.........1 due to gf's adverse and yr commitments

soaps_2

Yeah it is a together mortgage and yes, the property is in neagtive equity slightly. I have spoke to NR about renting and they reluctantly agreed after ALOT of phone calls.

How do you suggest to improve my situation beside the obvious of paying the debts off? Should I concentrate on clearing the £4500 and stay away from any other types of credit?

Sorry about all the questions but I really am at a cross roads!

VIGILANT22

Phone calls?...You normally have to complete forms for consent to let?

http://www.northernrock.co.uk/downloads/consent_to_let_app_form.pdf

Best to see a whole of market mortgage advisor who will guide you........