Back on feet from bad credit and want to get a mortgage

keentobuy

Hi

I could do with some advice. I got myself into debt about six years ago and ended up with a ccj after taking a debt management plan. Anyway, I paid my debts off and for the past two and a half years have been debt free and saving really hard for a deposit. I rent a flat in London and I'm looking to buy.

I have got about 43k saved up - I am looking to wait until next June to buy as I reckon I can save about 65k. I earn 77k a year.

I reckon I'd need to pay around 275k in the area I want to buy.

Question is I don't really know how to go about getting mortgage advice.

I haven't checked my credit rating since I paid off my debts. Part of me is a bit scared!

I could do with some advice on likelihood of me getting a mortgage, how much deposit I might need and where I should go for independent advice.

Thanks in advance for any advice you can give me.

Dave_Ham

Ok ,first things first; you need to get your Experian, Call Credit and Equifax reports.

You can only deal with what you can see and the date of your CCJ and any other damage remaining from your previous issues are stupidly important in relation to obtaining a mortgage.

Given your deposit, you are in a decent position.

You may want to consider the £275k position though, as Stamp Duty goes from 1% to 3% upfront at £250k

Do not get your "advice" from an Estate Agent or anything to do with them, try and get a recommendation from friends and family.

Best of luck

droiderm

I think people are going to suggest you take a look at your credit files.
You can get free trials on 2 of them and noddle.co.uk is always free.

The banks will look at them so they need looked at before anyone can give you advice .

GMS

Get £2 statutory reports from the credit agencies, not the free trials as these can be difficult to get out of. Don't pay for scores, they're meaningless.

Get the reports to a broker and go from there.

kingstreet

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/gb_consumerletter.ehtml

Experian

https://secure.wiseconsumer.uk.experian.com/wiseconsumer/secure_index.html?data=00

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=register_display&tpl=regPurchase

droiderm

GMS wrote: »

Get £2 statutory reports from the credit agencies, not the free trials as these can be difficult to get out of. Don't pay for scores, they're meaningless.

Get the reports to a broker and go from there.

I think you can get cash back too with the free trials ?
Its much quicker than waiting weeks too.
If by difficult to cancel you mean ringing them up and resisting sales tactics then i know what you mean. But its not a big deal

kingstreet

The CRAs have a statutory duty to get the paper copies to you within seven working days. I ordered my paper file from Experian last week and it arrived three days later.

You are unlikely to want, or need, an appointment with a broker at short notice, so it should be fine to book an appointment for a week's time on the day you request your credit files.

If you order the online version, you also have about eighteen pages of text to print x 3 CRAs. Using their paper and ink for £2 each seems like a bargain, particularly to us HP inkjet users.

droiderm

I think for me, the temptation to "have a look" was too much!
Accept the printing thing! Shrewd