Future Mortgage

myright

okay guys

I will be looking to buy a house in 3-5 years time, depending on when I get married.

I have 1 Satisfied CCJ, which is very recent. I know this will prevent me getting a mortgage from a high street Bank.

In terms of employment, how many years do the lenders need paperwork for? as in 3 years minimum salary coming in to show stability etc.

What should I be doing now in terms of giving me THE BEST Possible chances to get me a Mortgage in 3 years time.

(p.s I can even get a house on my name alongside my sisters now, which belongs to my mum. that is not an issue. If this will help the cause of me getting a mortgage in the future). The reason i include in this information on here is that, if I dont choose to get my mums house on my name she will just put it on my sisters name (which isnt a problem to me). But i dont want jeprodizee 'first time buyer' options like free stamp duty etc.

Annisele

We really don't know what lending criteria will be in three to five years...you're asking us to get our crystal balls out with that question

I think it's hard to say much more than: save as large a deposit as you can; prove that you can use credit sensibly (for example with a single mobile phone contract or a single credit card that you pay off in full every month); and pay absolutely everything on time or early.

I don't quite understand what you mean about your mum's house. Why does it need to be put into somebody else's name? Is your mum actually giving her house to you/your sister?

Edit: Just realised the OP has another thread about the "mum's house" issue. I'm flummoxed by that plan, but I'll keep that to the other thread!

kingstreet

A satisfied CCJ for a relatively small amount will be getting towards the end of its effects in five years time, so it'll probably be more an issue of the deposit you have.

It's difficult to tell. I'd never have seen the crunch coming back in 2006, although the credit markets were overheated and a "correction" likely. What might be happening in 2014 to 2016 is anyone's guess.

Try to approach a mortgage lender with a credit history with no later or missed payments and no defaults. No more CCJs of course.

A stable employment history and address history helps. You don't have to be in the same job for three years, but you will "score" better if you are.

Make sure your future husband does the same as you too and keeps his nose clean!

myright

Thanks so much for your advice.

so in affect the best I can do now is:
1) keep paying a credit card off, mobile bill in full each month to make my history look good.
2) save as much deposit as possible. In 3 years I probably can put away 15-20k (hopefully). House price range I'm looking for is 80k-100k.
3) Keep a stable job.

It's most likely that I will be looking for a house in 3 years as apposed to 5 years. So it looks like I'm stuck with with the CCJ.

is there anything else I can do?

I know it will be different and is variable frmo mortgage to mortgae. But on an 80k-100k house, what kind of monthly payments are expected. I just want to get a feel and an understanding of what life would be like with a mortgage lol.

kingstreet

Here are a few examples;-

£100,000 property, £20,000 deposit, £80,000 mortgage over 25 years;-

5% = £468

6% = £515

7% = £565

based on more reasonable historic rates, rather than those available today.

Conrad

Lender in a nutshell seek the following;

Stability - the longer at a job / address / Bank the better
Organisation - for example those without a landline work and home telephone loose scoring points - this is because intensive statistical studies clearly show a link between people who tend to live steady 'normal' 'typical' lives where landlines tend to feature and the propensity to be organised when it comes to finances.

In other words, think nerd, think cautious civil servant type person, thats the ideal lending profile.
Transcience is the opposite of what lenders like.