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First time buyer.... Help to buy Mortgage - bad credit
Comments
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Morning,
Thought I would update this - my boyfriend got his experian score today - 509. It's worse then I expected.
It said the 3 negatives were a default, missed payments (3) and a change of address recently (we moved in with my mum in November).
He still has £2500 on a credit card which is the card he has the default on and the missed payments. Will his rating dramatically improve when he pays the card off? How can we improve this? I know time is the main factor - but we are living with my mum which was only supposed to be for a year.
What are the chances of us getting a mortgage? Or help to buy? Would I be better off buying a property on my own?
Many thanks0 -
You need to talk to a broker about this. Not being able to see the full picture makes life very difficult.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Thank you Kingstreet - I think we will get the card paid off then go and speak to someone. Would just like to see some glimmer of hope - if you know what I mean
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Could I suggest you see the broker first. They may advise you that a bigger deposit will get you a mortgage faster than a repaid credit card.
They will help you draw up a plan for a quicker mortgage application. Worth remembering, only Halifax is signed up to HTB at the moment, so you may have more choice in a month, or two.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you - will find a broker. Shame you are not based in Bedfordshire
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Aye. TBH working down there is just too much. We'd have to push our fee up from £249 to cover the travelling time/cost and we'd then be unable to compete with the locals...I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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