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50% mortgage and my bad credit history
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kaywantsapug
Posts: 46 Forumite
Ok up until a few months ago I had been living on Incapacity Benefit and over the years had got myself into a bit of trouble with repayments on Provident Loans, Credit Card, Catalogue etc. Nothing too bad in terms of how much I owed but I now can't get credit for even a new sofa.
I have landed a fantastic job, amazing money, future prospects, company car etc and can now generally afford what I want. But my bad credit is ruining it for me.
I have seen a gorgeous new house in a lovely area very close to work. Its 62500 pounds and is 50% shared ownership.
However I'm a bit fed up with the fact that no one would touch me with a barge pole. I know I could afford the repayments but how could I get a mortgage? I know lots of people that have got mortgages after CCJ's, bankruptcy etc so why can't I with one tiny default?
I have landed a fantastic job, amazing money, future prospects, company car etc and can now generally afford what I want. But my bad credit is ruining it for me.
I have seen a gorgeous new house in a lovely area very close to work. Its 62500 pounds and is 50% shared ownership.
However I'm a bit fed up with the fact that no one would touch me with a barge pole. I know I could afford the repayments but how could I get a mortgage? I know lots of people that have got mortgages after CCJ's, bankruptcy etc so why can't I with one tiny default?
June 2010 : Family Day out at Lightwater Valley Theme Park, Cushelle Koala Bear, Bic Soleil Razor.
July 2010: Family ticket to Blue Planet Aquarium, Bic Soleil Razor, Jergen's Naturals Body Lotion.
July 2010: Family ticket to Blue Planet Aquarium, Bic Soleil Razor, Jergen's Naturals Body Lotion.
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Comments
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How much deposit do you have?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I don't have any deposit
I do have savings of about 500.00 which will go up by 400.00 per month after christmas. June 2010 : Family Day out at Lightwater Valley Theme Park, Cushelle Koala Bear, Bic Soleil Razor.
July 2010: Family ticket to Blue Planet Aquarium, Bic Soleil Razor, Jergen's Naturals Body Lotion.0 -
No chance without a decent deposit. 10% absolute minimum needed, probably more if credit rating is poor.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Even if its shared ownership? I'd better get saving. June 2010 : Family Day out at Lightwater Valley Theme Park, Cushelle Koala Bear, Bic Soleil Razor.
July 2010: Family ticket to Blue Planet Aquarium, Bic Soleil Razor, Jergen's Naturals Body Lotion.0 -
With shared ownership you would need a deposit of x% of your share.
Saving looks like the way to go.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I'd say house prices are going to drop over the next 12 months, so get saving, a minimum of 20% - and in a years time you should be in a position to buy your own house...Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370
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