Right to buy with bad credit history

ranny16

Hi all
I have checked with my local council and have discovered I can buy my council with discount for £70, 000. This is an offer which we would be mad to turn down as the house is worth 140, 000. Now for the problem , I have very bad credit history and my wife has only just started a new job . Me and the wife have now paid off all our debts so now are debt free . I am under the impression the discout we receive acts as our deposit , is this correct and if it is would that enable us to get a mortgage despite our past ?

kingstreet

Yes, the deposit is covered by your discount but it's impossible to say what your chances might be based on the scant information you've provided here.

You need to get hold of all three of your statutory credit files;-

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

Experian

http://www.experian.co.uk/consumer/statutory-report.html#orderReport

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear

which you should take along to a meeting with a good independent or whole market mortgage broker. Ask friends and relatives for a recommendation. Failing that, use https://www.unbiased.co.uk remembering to switch off "sponsored ads only" option so you get a full list, not just the paid-for adverts.

The £2 statutory paper files will be fine. Avoid online schemes you have to pay for which give you your inside-leg measurement and call it a "credit score" as these are not particularly helpful.

ranny16

Thanks very much for your reply , I will look at going to a broker to say what they reccomend .