Looking to take the Plunge!

Bumear

Hi,

Im looking to finally move out of my parents house after 27 years!
Im just looking for advise. I have a poor credit history, and was wondering whether it would be best to wait until I improve it or just go ahead and get a mortgage. I have my finances in control now but i still have the history looming over me. my credit score is about 630 if that means anything?

Thanks in advance

Bumear

Thanks All

MortgageMamma

Hi Bumear

please explain what you mean about poor credit history

MM

Bumear

I had a few credit cards which were defaulted which are now under control/settled.

MortgageMamma

how long ago? have you missed any payments in last 12 months?

herbiesjp

Bottom line is almost anyone can get a mortgage.

Whether it is wise for you to do so is a matter for you to discuss carefully with a professional, seeing as you have had problems in the past.

Affordability would be a main concern, if you have other debts in the background as well? What is your income, what deposit do you have and what amount are you looking to borrrow?

You will have deals available to you, but as MM rightly says it will depend on your credit history - have you got an up to date copy of your credit file?

If you have, your next step would be to discuss your scenario with a fee free whole of market adviser and let them see what kind of deals would be possible for you - don't automatically think you have to go for adverse rates, as a good adviser will try and place with a high street lender first if it is at all possible

HTH

Bumear

I only have one remaining credit card and I have never missed a payment in the last 12 months. I obtained a credit report from Experian last week which I take to an advisor.
Im expecting to come into a little bit of money shortly which will help with the deposit.
Im just not sure now is the right time to be buying.

Thanks for your guidance.