First time buyers and not so picky lenders lol :)

samtoby

I am getting very excited as I am in the home stretch of my mortgage future. I am also doubley excited as I went for an interview yesterday for a job which would give me an 11k payrise. As well as being something I would love to do; the pennies will help me!
:T
I have been reading up on - sub prime - or companies that may look at me. I have clear credit now, but have had a CCJ for £300 in the past 6 years and a couple of defaults. I would have had a few more defaults but they are starting to drop off one has jumped off this month and two will go in June. I am looking to apply in September onwards.

I know I will be in a bad position and I might not be sucessful but I am hoping I might be ok; somewhere, somehow. If I can not do it I will just move out of my Mums and rent (she is desperate to sell as soon as I can go)

Am I right that Precise and GE Money do not lend to first time buyers? Accord I know would be no good and a no for Kensington. I would have thought birmingham Midshires but after reading up on them; they will be a no as well. Precise shows on their information they only lend a max of 75% on flats as well.

I will have 20k saved but potential to have about 24k. (I have some other savings put buy) I will hope to have a 20% deposit against what I want to borrow but obviously depends on my salary.

Who are the mortgage companies who look at people who were rubbishy. I am always looking at how people are getting on with bad credit etc but they often already have mortgages so are not first time buyers.

I am not looking for critism. (Which I keep getting which hurts when you know you were silly; you have paid for your situation and just want friendly advice.... I owned nearly 81k combined with my ex partner and 40k on my own which I paid off myself over years of hard work. I know I have to pay for my mistakes. (I have never been in an IVA or debt management)

Current credit:

MBNA - Balance of £5 lol (didn't pay it all last month lol) - late payment over 2010 and 2 in 2008.
Very - £500 limit (£67 balance) clear every month
JD Williams £150 (always pay off every month last used for £20)
T- Mobile - Average £40.00 a month paid all clear every month.

So I have some credit lines I can prove I am a good girl now.
I will be visiting a broker when I hit my target

gazfocus

I can't help with your initial question but I just wanted to say congrats on how much you've managed to raise so far and the best of luck getting the new job.

I think the best thing would be to find a good independant financial advisor or mortgage broker, give them uptodate copies of your credit files and see what they say.

What defaults will you have left, and how much were they for? When were they issued and have they been settled? If so, when?

samtoby

Thank you

All settled.

CCJ was for £300 ish (settled 2012) issued 2008
Default for Welcome Finance of £3010 settled in last year (default 2010)
(worst company ever - but as I defaulted I must have been the worst customer....)
Default for HSBC 1k - 2009 paid and gone.

The defaults that are dropping off /off
4k for LLyods :eek: 6 years next month
6k for Barclay card :eek: 6 years next month
12k for HSBC Loan:eek: Gone!!!!!!!

I have got one showing on another credit report for a default of £45!!!!! from Three in 2008 but closed the month after.

Dave_Ham

Good research - have seen you comment on a few threads and fingers crossed for the job...!

Building Societies would be best bet for me, as most of the lenders you note are not for first time buyers...

Alternatively a bigger deposit always helps so keep doing what you are doing on the saving front....

Well done and keep going...

ACG

GE money do mortgages for First time buyers...ive got one going through at the minute for a first time buyer. They limit the the LTV to 80% i think...possibly 85%.

Thrugelmir

samtoby wrote: »

CCJ was for £300 ish (settled 2012) issued 2008
Default for Welcome Finance of £3010 settled in last year (default 2010)

Did the these lenders continue to record your account as being in default with any credit agencies until they were settled?

If they did your credit score with the mainstream lenders will be extremely low.

samtoby

I know I don't have a hope with a mainsteam lender until all the negative is gone. That will take years I am aware of that.

They just have default markers and then settled ones. That's all I know.

I will try and save more but I need to go as soon as I can so my Mum can move. I have mentioned before she is happy to come on a mortgage with me but she is 51 so it would obviously be on a shorter term with high payments, which I would have to know I could manage myself at the given rate and if the rates were to rise. I want to know I will still be able to live having a mortgage; there is no point in over stretching myself is there?

samtoby

Dave_Ham wrote: »

Good research - have seen you comment on a few threads and fingers crossed for the job...!

Building Societies would be best bet for me, as most of the lenders you note are not for first time buyers...

Alternatively a bigger deposit always helps so keep doing what you are doing on the saving front....

Well done and keep going...

Thank you....I hope I will get somewhere with the job but if I do not then thats just the way it is. I am not a dweller.

Would be such an achievement though! :j

ACG

I think it could actually be cheaper to be on a mortgage with your mum over a shorter term than it would be to go with GE money...theyre not cheap at all especially with their fees.

EDIT: Sorry that sounds like im rubbing salt in to the wounds, i dont mean it to sound like that.

samtoby

But it would not change the lender though would it? My Mum has amazing credit never refused for anything. Has no mortage either.

The_J

Age is always the tough one. Taking the mortgage into retirement can reduce affordability but this criteria changes a lot so it's difficult to prepare.

You must must keep on top of the credit, no late payments etc. Even if you dispute something, pay it and complain afterwards. I don't actually think you will struggle too badly though, your credit isn't terrible and the CCJ is a number of years old.