first time buyer

kim_35_2

Hi im new to the property market and dont know where to start

We have seen a property which we like and can put down 10% deposit on the house but I have had a shakey background with credit, over the last couple of years with no problems and paying what I need to pay each month.

Can you still get a guarantor mortgage and would by Dads good credit history help us to get a mortgage this way?

I havent been bankrupt or anything but a few years ago I had a couple of things with debt collectors and paid them off on payment plans.

Any advise would be greatful. I last checked my credit 1-2 years ago and was in the 600's for my score but surely this will have gone up since then if I have had no probs?

My partner has had no bad credit at all.

Many Thanks

:T

Thrugelmir

Do you currently have debts of any kind? Credit cards or personal loans for example.

kim_35_2

i have a personal loan which ends summer 2011 and I have a credit card with £1000 on it which i pay monthly and also a catalouge with about £700 on it which I also pay monthly.

My partner only has finance on tv and tumble dryer which is around £700 which we pay monthly

Thrugelmir

Then I would suggest using "your" savings to clear your debts.

Despite having a guarantor, which isn't an easy option in any event. Improving your credit rating and having no debt are more important to making a step onto the ladder.

Once your debts are cleared you'll be able to save far quicker as well.

Maybe worth saving with a local building society if you have one. As they are far more flexible with lending criteria. Particularly if the applicants have saved with them over a period of time. The ability to save demonstrating that you can manage your money and more importantly afford the mortgage.

_Andy_

Using a guarantor will have no effect on things regarding the credit history.