Good deposit, Bad Credit, First Time Buyers

Technoholic

Hi All

Me and my girlfriend are looking to buy our first house soon. We have a good deposit of about £90000 and we're looking to buy a house maximum of around £320000, which would give us an LTV of around 71-72% Our combined income is around £75000.

The only problem is my credit history. After a few setback a number of years ago, i had some defaults on my report. Most have all gone now but there is one left, a value of £880 but doesnt drop off until march 2014.

How likely are we to be able to get going with this? We'd love to be able to get a mortgage so we can move from the tiny flat we're in at the moment, looking at something like a 5 year fix.

Any advice appreciated.

Thanks

GMS

Has the default been satisfied? If not this should be the first thing to do.

Get copies of your credit files from Experian, Equifax and Call Credit. £2 statutory ones are fine.

Have a chat with a broker to see the best way forward. Dont apply at random to lenders as this could harm credit score.

harvey115

You need to go through a broker for sure and a good one in the field of bad credit mortgages. A very respected broker here on the forum is called Dave Ham, I think he should be able to provide you a solution for sure.

All your defaults needs to be paid off in order for this to work. Since the last default you had is not in the last two years, there may be solutions.

Best of luck.

Dave_Ham

As the chaps have said, ensure this is paid off and then see a broker when in receipt of your 3 credit reports each.

There will be solutions, although given what they may be the 5 year fix option may not necessarily be the best solution but a broker will run through all of these with you specific to your circumstances..

There will be solutions though...

Good luck

Technoholic

Yes the default was satisfied a number of years ago, i'm just waiting for it to disappear now. I already have my credit reports and they basically confirm what ive said, one default satisfied with 1.5 years left to run approx.

I do have a mortgage adviser who has said that my situation may be ok, but i dont think he is a specialist in bad credit.

Technoholic

Thanks Dave. How do I get in touch with you while following the rules of the forum?

harvey115

You can click on his name and there is a link to the company he works in his profile (in the Contact Info tab).

Technoholic

Thanks for everyones advice, I feel a bit better about things knowing that hopefully we have the chance to get something. My credit history has been looming over me for years and its finally starting to clear which is always a good thing!

Conrad

There are a number of lenders that can consider such a case, but these will tend to charge higher rates. Make sure you explore high street market leading lenders OP.

Technoholic

thats interesting information, but how do I go about that? From the brief chats ive had with some high street lenders, they said they may or may not be able to help but cant tell me without running it through and therefore adding a search to my credit history, which I dont want. Any other better ways of doing it?