First Time Buyer - Deposit BUT Extremely Bad Debt History - Advice Pls

g_attrill

csrichards wrote: »

no they don't

More pertinently, have you got credit of any sort under your new name? Is your credit record under your old name linked to the new one?

ItMightBeUsefulOneDay

As others have said, even if you had a perfect credit history this wouldn't happen given the affordability criteria and amounts involved. With your past it's a total non-starter. The merest whiff of debt collectors on your tail will make the banks rush for the safe door, slamming it shut on your toes.

I'd suggest you go over to the debt-free wannabe forum and get all your debts sorted using your substantial income and the £100k. This starts the credit history clock ticking. In 6 years all the black marks on your file will have vanished. Yes, that's right, 6 years is how long it takes to show that you're now a responsible and safe person to lend money to.

Alternatively, cut your expenditure to the bone and save like mad. Then buy a place cash in hand and stick two fingers up to the financial establishment and continue to live off the "credit" radar.

csrichards

g_attrill wrote: »

More pertinently, have you got credit of any sort under your new name? Is your credit record under your old name linked to the new one?

My new name is not linked to my old name on my credit file.
Signed up to credit expert yesterday and showing no adverse credit, more to the point its showing no credit at all, just my 2 bank accounts. One of which has a couple of bad markers 6 or so months ago when I went over my overdraft. I have a score of 824 out of 1000.

Alias_Omega

if you have put your previous names, addresses into credit expert, they will pass that information around and now the picture becomes bigger & bigger.

You can put £79,000 into savings which will net you about £140 a month interest until you decide what you want to do through NS&I.

Alias

payless

was the name change due to your credit probelms?

csrichards

payless wrote: »

was the name change due to your credit probelms?

No, not at all. It was due to personal family reasons.

somethingcorporate

I think even if you could get a mortgage on your current income levels you would find the mortgage quite an uncomfortable amount. Interest only @ 5% would be £2,400 a month or £3,300 on a repayment mortgage. Yikers! :eek::eek:

My wife and I have an income similar to yours and no debt but we'd not touch such a gargantuan debt like that with a bargepole! But we are very risk averse

Good luck in your plans but I think you may need to reconsider.

ILW

When they look at your records and find you "never existed" until recently, it will start alarm bells ringing. I am sure the applications ask if you used to have a different name or alias in the past. It does all sound very dodgy, especially with the amount you wish to borrow.

csrichards

ILW wrote: »

When they look at your records and find you "never existed" until recently, it will start alarm bells ringing. I am sure the applications ask if you used to have a different name or alias in the past. It does all sound very dodgy, especially with the amount you wish to borrow.

Let me be very clear, I am not trying to do anything dodgy and would declare everything to any financial company who needed to know.

All I am trying to do is get myself on the ladder and further my life.
At no point am I trying to do anything dodgy or underhand. Ideally if the property that I am after is out of reach at the deposit level I will save up until it is reachable and get rid of any debts that still exist.

ILW

csrichards wrote: »

Let me be very clear, I am not trying to do anything dodgy and would declare everything to any financial company who needed to know.

All I am trying to do is get myself on the ladder and further my life.
At no point am I trying to do anything dodgy or underhand. Ideally if the property that I am after is out of reach at the deposit level I will save up until it is reachable and get rid of any debts that still exist.

I am not saying you are dodgy, just that from a lenders point of view it looks dodgy. Did they not ask if you had ever used a different name or request your previous addresses?