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New Government scheme and bad credit
leereni
Posts: 377 Forumite
Does anyone know the details of the new government housing scheme. I have some adverse credit, no defaults, no bankruptcy. Just wondering if it's going to be the same run of the mill government housing scheme where they require an excellent credit report.
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Comments
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Mortgage guarantee scheme - Don't think there's much detail out yet, guess it will start emerging in next couple of months.
I understand the lender will have insurance for 95% of its loss if the borrower defaults. I doubt a guarantee like this will be offered for people with poor credit ratings, how good or poor though - guess we'll have to wait and see.0 -
I hope they don't allow poor credit ratings. These are 5% deposit on overvalued newbuilds i.e. instant negative equity especially in the falling market. Thus us the tax payer is automatically in a bad place.
:mad:
To the original poster, improve your credit rating first whilst saving a bigger deposit. You will be far better off.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Well, I agree, giving a mortgage to somebody with a poor credit rating would be wrong. However, a perfect rating would be unrealistic. Nobodies perfect and this is supposed to be to help many of those who can't get on the property ladder. I've got some adverse credit history from 3 years ago. No defaults, no CCJs, no bankruptcy. I fell into arrears on a loan about 3-4 years ago and have some late payments from back then.0
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omcornwall wrote: »Well, I agree, giving a mortgage to somebody with a poor credit rating would be wrong. However, a perfect rating would be unrealistic. Nobodies perfect and this is supposed to be to help many of those who can't get on the property ladder. I've got some adverse credit history from 3 years ago. No defaults, no CCJs, no bankruptcy. I fell into arrears on a loan about 3-4 years ago and have some late payments from back then.
Why don't you save as big as deposit as you can whilst the bad credit blips full off your credit record. That is the common sense approach.
I have a perfect credit rating and how I got it was I followed the MSE guide right here:
http://www.moneysavingexpert.com/loans/credit-rating-credit-score
Follow the MSE tips and save a deposit :beer::exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
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Why don't you save as big as deposit as you can whilst the bad credit blips full off your credit record. That is the common sense approach.
I have a perfect credit rating and how I got it was I followed the MSE guide right here:
http://www.moneysavingexpert.com/loans/credit-rating-credit-score
Follow the MSE tips and save a deposit :beer:
Excellent thanks
I just did the credit checker twice. I answered first completely honestly and got back good. Second time I tweaked an answer and the result is excellent credit score. The only change I made was that I have too much credit available to me already.
Time to dump that credit card I don't use.Inside this body lays one of a skinny woman
but I can usually shut her up with chocolate!
When I thank a post in a thread I've not posted in,
it means that I agree with that post and have nothing further to add.
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4 Years can be a long time to wait for blips to fall off of your credit file. Especially if you have a 20% deposit in hand!Why don't you save as big as deposit as you can whilst the bad credit blips full off your credit record. That is the common sense approach.
I have a perfect credit rating and how I got it was I followed the MSE guide right here:
http://www.moneysavingexpert.com/loans/credit-rating-credit-score
Follow the MSE tips and save a deposit :beer:0 -
But why would you want to use the new government scheme if you already have a 20% deposit?0
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