HELP With first time mortgage..

SHIRESLAYER

Hey guys and girls,

Ive been trying to sort out my credit the last few months as me and my wife want to buy a house,

in 2007 i was issued with a ccj which was my own fault as i did not leave a forwarding address and have not kept on top of my creidt file till around a year ago..

the ccj was £152 for the water board its now been paid off 2 months ago,

i have 2 defaults which are both over 5 years old and were paid off in full nearly 3 years ago. one is due to come off in 2 weeks..

my experian score is 859 fair (not showing the ccjs or defaults for some reason) (obtained through privacy guard)

My equifax is also in the fair range but the defaults and ccj are both on there..

the help or reassurance im looking for is that based on what ive put down will i have any chance of getting a mortgage in the next 6 months and is there any advice any one can give to help out?

All the best
Paul

GMS

How much deposit do you have and what purchase price were you thinking?

SHIRESLAYER

We've got around 15k and looking at anything between 110,000 to 125,000 :-)

I can borrow money from family if needed.. though would rather not

Dave_Ham

Hi Paul,

This will be challenging, but sure we have all placed more challenging circumstances.

Obviously there is some really current bad credit history as the CCJ only settled recently and this does not help.

Assuming that your wife has a clean credit rating and accepting the CCJ was for a small amount, does give you a glimmer of hope.

You may need to raise the deposit to nearer 80% in order to get a couple of specialist lenders to take a look.

Over the next 3 months, you really need to try and clean up your credit file. Ensure there are no own goals, if you have credit availability use it and pay it off, anything outstanding clear right down and ensure your bank accounts look as good as they would need to conduct wise if a 3rd party was going to scrutinise them. No big payments to Ladbrokes or debit card used in Gucci shops or horse riding memberships or anything that may be a cause for concern...

Keep checking these, the fact they are not on Experian may help but ultimately you are aware they are there and so will the banks be.

Also spend the next month trying to get a recommendation for an experienced mortgage broker. This does not include any Estate Agent ones when looking at homes. Search on here and home buying and you will see why.

Keep doing the right things and with family backup you may get there soon....

All the best

SHIRESLAYER

Cheers for that :-)

im not going to need to look at buying a house till June as im hoping to be able to afford the house im currently renting so i guess i have a little bit of time to help my score a little bit before then...

Will it make a difference to me meeting crieteria once the default worth over 1k falls off this month or should i just wait till june july before looking at getting my agreement in princeable again?

thanx :-)

Dave_Ham

It will absolutely make a difference.

Be mindful though that the scores on the Experian/Equifax are next to useless, as each lender uses its own calculations.

The credit report itself is of utmost importance. Sometimes factors like where you bank, can also make you more appealing to some lenders..

Be disciplined now and you have very chance of success once the bigger default drops off, but do still declare this and would suggest you do not approach the banks where you defaulted.

All the best

SHIRESLAYER

Dave_Ham wrote: »

It will absolutely make a difference.

Be mindful though that the scores on the Experian/Equifax are next to useless, as each lender uses its own calculations.

The credit report itself is of utmost importance. Sometimes factors like where you bank, can also make you more appealing to some lenders..

Be disciplined now and you have very chance of success once the bigger default drops off, but do still declare this and would suggest you do not approach the banks where you defaulted.

All the best

Well that gives me some hope mate :-) its just a hard system to grasp (once you've messed up like..) to know how to go about doing better without hindering yaself more..

Cheers for the advice :T

Dave_Ham

Most welcome - please post any updates as and when and hopefully your thread can also supply hope to others when things appear bleak, but doing the right things can help...