Mortgage advice needed

malloandson

Hi to all

My current credit rating is poor, over the last 7 yrs or so I have struggled financialy, had have many defaults and ccj's, I am paying back credit commitments at a £1.00 a month each ( 18 in total ),
I have a had a new job for 12 months it pays well, I have a neighbour from hell and now need to move, I know my past may prevent me from getting a mortgage, I was thinking of renting somewhere for 12 months then apply for a mortgage, but am reluctant to disclose my previous address because of the problems it would cause, can anyone advise me what I could do,
thanks to all in advance

holly_hobby

Your defaults & CCJs will expire off your credit record a little after their 6th anniversary. (although under a CCJ the creditor may choose to apply to the courts to have the judgement re-registered, doesn't happen often, but worth knowing )

You will have to disclose the address relating to the above, if within the time frame asked by the lender i.e addresses for last 3 yrs.

Regardless of this, if the application asks if you have ever defaulted on a credit agreement, had a court judgement applied, etc - then it must also be disclosed.

It would be folly to attempt to "bury" any relevant addresses or credit data - as it will be revealled by linked addressed, the Hunter system and other credit search and trace facilities used at underwriting stage.

My advice, instead of considering entering into more debt by buying a property (which IMHO you won't achieve with your current credit history unless you have a very substantial deposit, some distance between the events and now, and a bloody good excuse for defaulting on 18 of them !), how about instead repaying those numerous creditors whom you still owe and paying a paltry £1 per month ?

Sounds harsh - but surely you must feel some sense of responsibility for your unpaid and outstanding debts ?

Holly

malloandson

holly_hobby wrote: »

Your defaults & CCJs will expire off your credit record a little after their 6th anniversary. (although under a CCJ the creditor may choose to apply to the courts to have the judgement re-registered, doesn't happen often, but worth knowing )

You will have to disclose the address relating to the above, if within the time frame asked by the lender i.e addresses for last 3 yrs.

Regardless of this, if the application asks if you have ever defaulted on a credit agreement, had a court judgement applied, etc - then it must also be disclosed.

It would be folly to attempt to "bury" any relevant addresses or credit data - as it will be revealled by linked addressed, the Hunter system and other credit search and trace facilities used at underwriting stage.

My advice, instead of considering entering into more debt by buying a property (which IMHO you won't achieve with your current credit history unless you have a very substantial deposit, some distance between the events and now, and a bloody good excuse for defaulting on 18 of them !), how about instead repaying those numerous creditors whom you still owe and paying a paltry £1 per month ?

Sounds harsh - but surely you must feel some sense of responsibility for your unpaid and outstanding debts ?

Holly

Thanks for your reply

Thrugelmir

malloandson wrote: »

I am paying back credit commitments at a £1.00 a month each ( 18 in total ),

Would you expect a financial institution to advance you a mortgage if you already owe them money?

In the long term owning your own home is worthwhile. We all make mistakes in life. The difference is whether we learn from them or not, and make the effort to demonstrate that if we do.