First time buyer AND bad credit :-(

everypennycounts1

Hi,
I have a credit history score of 700 (just over) but I have defults and arrears totalling about £1500 over 6/7 companies from 5 years ago. Except for one, none have been paid off. I had a CCJ which is satisfied, paid off around 1 year ago. My partner has similar history. Anyway, now our total income is around £50,000 per year and we would love to get a home but I cant even get a credit card never mind a mortgage. I found a sub prime lender who will consider us but it wants to know how old my defults and arrears are, are they current because they have not been paid off?? I am confused about it. Any advice on going forward from this would be appriciated. Thanks

beecher2

Use the money you've saved for a deposit to pay off all the debts and take it from there.

fishty

I was in a similar situation 10 years ago and got a mortgage with First National Mortgage Company through a local mortgage advisor. I had 3 ccj's (but over four years old at the time) and stayed with fnmc until the ccj's dropped off my file 2 years later. I didn't get a main stream APR but it got me on the ladder. Not sure if they still do adverse credit mortgages but it may be worth looking into. Either way I think amortgage advisor would be in the best position to help :beer: