Mortgage advice for FTB with

jotgabbi

Hi,

I've been searching the internet for days now, going round in circles so I thought I should ask for advice in terms of is it even worth bothering, or who to talk to.

I am 23 and am in a £49,000 a year job, where I've been working for 4 years now. I have no debt, credit cards or loans outstanding. Issue is I have got a CCJ for £5000 from 2007 for a car financing company, I was 18 and stupid, and when an issue with the car financing company wasn't sorted, I was nieve and just refused to pay the loan and asked them to take it away. This was finally paid off and settled last year.

I've done an experian credit check and found my score to bang in the middle, 836, with it only highlighting issues with my CCJ, that I've got a letter of satisfaction, and not been on electoral register, which I've now applied to be on (not sure why wasn't on it tbh) so that should be viewable by start of August.

I have been given £25000 by my parents, with the aim to buy a house. I've found a cottage that is for sale by auction for £80,000 guide price, for which I was thinking a £12,000 deposit, gives me £13,000 to modernise it. It is structurally fine, and has all the essentials, just dated thats all.

A mortgage would be cheaper then my rent currently, and I have a large amount of disposable income that I'd like to use to overpay. but I've only spoke to 2 banks directly (HSBC and Yorkshire Building Society) and they both said no.

Is there a bank/building society that don't rely on a computer to auto accept/decline but will look at my situation in full?

I feel a mistake from when I was an immature fool surely can't outweigh my stable position now?

Any help anyone can offer would be much appreciate, just to put my mind at rest if it's worth continuing to looking or not.

Jon.

ACG

Good news is, based on what you have said i cant see any reason why you cant get a mortgage.

Bad news is, it wont be market leading rates - HSBC are well out of the question but that doesnt mean the rates will be overly high.

Its one for a broker though. Best bet is to get in touch with a broker (not in an estate agents) and you should be fine.

jotgabbi

Thanks ACG for giving me a bit of hope!

Can anyone recommend a broker who is good in this area?

ACG

Were not really allowed to recommend brokers as you never know if that person is receiving a backhander.

Avoid estate agent brokers, but in the main most brokers with some knowledge of "adverse" should be able to help with this.

Dunroamin

You could always put down a much bigger deposit and leave the updating until later as it has all the essentials.