I've completely messed up my chances of buying a house, any advice appreichiated!

Danni-R

OP. why dont you commit to renting for another year. House prices are going down each month and then you can be closer to repairing your rating and building up your savings. Hopefully in that time your OH will have found a job and you'll be in a much better situation.

I know it seems like the dream house but there will always be others. And add cheaper houses + larger deposit = possibly a house that you thought was out of your price range now.

And renting although it might seem like a lot for nothing is currently providing you with a roof over your head :-p

JimmyTheWig

OP, have you considered other alternatives to renting?
I'm sure it's far from ideal, but if it's the cost of renting that's annoying you is it possible to move back in with your parents? Or have you considered a house share?

jellyjelly84

Hi, thanks for your replies, I appreichiate all your replies, I've read them all. Yes, I have been very silly in the past, but believe me, I have learnt from my mistakes and I will never be in that sitauation again.

I paid off all of my debts before I had my inheritance money, which I have not touched and is in a seperate account, and the money that I was using to pay off my debts now goes into a savings account. I don't think that makes me financially immature.

My boyfriend's situation won't change, he was made redundant and now works for his parents, I know we will definately have to wait to buy our house, and I have accepted that, I do know a bit about mortgages and interest rates having been a long time lurker on here, and I do want the best mortgage for me, I wouldn't entertain an 8% mortgage.

It's just a personal thing, I personally don't want to rent anymore, I hate paying rent, and while I am very grateful for a roof over my head, I cannot move back home, I just want my own house, I really don't think there is anything wrong with that.

I appreichaite all of your help, views and opinions, I am going to carry on improving my credit rating and sit tight.

Thank you, and I hope you have a very Merry Christmas.

neas

Just hold out there... i got a 4% deal and it means we are 'saving' in essence by not paying more for the 5 year period. an 8 % would mean you pay double interest.

Hope it works out for you. I must admit after renting for years (3 years house sharing and 3 years renting) i'd had enough.

JimmyTheWig

Sounds like you're doing the right thing, jellyjelly. Must be good, at least, to see your savings balance going up each month.

And thoughts on my suggestions for improving your credit rating (post #18)? Did it make sense?

jellyjelly84

Yeah, thank you so much, it did make sense, I can be disciplined, my money mistakes are over and done with, I won't be making the same mistakes again. I have got a credit card, but it's capital one (which I know is the worst one to have, but I just thought, any credit card was better than no credit card!) The balance is nil at the moment, but I might start buying a few bits on it and paying it off monthly if that meas my score will improve...I'm just so frustrated that I've got the deposit, paid off my debts, had a promotion in work and can afford the mortgage, but stupid university mistakes (the debts I defaulted on only came to £400!) have ruined my chances of buying a house now.

So! I am going to hold on to the money and try and stop stressing about buying a house, I know it's not the be all and end, but it feels like it is!

Thank you Neas, yeah, it's not about renting, it has more than served a purpose, but personally I've had enough, I just feel ready to put down some roots and I want to say that I own my own place, rather than rent...well, hopefully I will one day!

Thanks guys, Happy Christmas

mlz1413

If you do use the credit card monthly then change the contact capital one and get them to set up a DD for the full amount every month.

Then you don't have to stress about forgetting it or adverse events (like the weather this week!)

JimmyTheWig

jellyjelly84 wrote: »

I have got a credit card, but it's capital one (which I know is the worst one to have, but I just thought, any credit card was better than no credit card!) The balance is nil at the moment, but I might start buying a few bits on it and paying it off monthly if that meas my score will improve.

It doesn't really matter which credit card you use as you'll be paying off the balance in full each month and so not getting charged for it.

It will help your rating if you do this.
Put yourself in the bank's position and consider if a friend wanted to borrow money from you.
If that friend had borrowed money from you three times in the past and not paid you back twice when they said they would, would you lend them money?
If that friend had borrowed money from you lots of times in the past and not paid you back twice when they said they would, would you be more likely to lend them money?

The more you can demonstrate that you are good with credit, the higher your chances.

Blacksheep1979

jellyjelly84 wrote: »

Yes I have been financially immature in the past, but I find it that incredibly insulting to be told that I am financially immature. I am sorry if I am being defensive, but I think that having worked hard to support 2 adults and pay off all of my debts, that I have proven myself to be financially mature.

Really? How long ago is 'recently', if it's going to be on your record for another 6 years the below incident is within the last 12 months.

jellyjelly84 wrote: »

Then to top it all off, I have recently defaulted on another account, which we be on my credit report for another 6 years...

The honest answer is you don't sound like a very good risk - you've defaulted before, you've defaulted recently. If you want a good rate you need to prove that you are responsible with money and at the moment your track record speaks for itself. As the financial advisor said, two years with a decent record should prove you're responsible to some potential lenders.

jellyjelly84

Thanks for your super constructive response Black sheep!

I have already said that I am the first to admit that I've made mistakes, and I appreichiate that people may think I've been stupid, but I've punished myself enough, I know what I've done has been irresponsible, but everything is paid and having read about other people's money troubles, mine are far from the worst.