Don't know exactly where to start with this...

ViolaLass

SpeedyBoots wrote: »

Now, speaking to my family, I am shocked and indescribably grateful that they are telling me that it would be an idea to look into buying my first property, and that they would like to get me set up with a deposit, and to start looking at mortgage options etc.

How are they planning to help you? I assume they are, otherwise what do you have to be grateful about?

You're only 22, I wouldn't panic about owning a property immediately. You'll get there, no rush.

SpeedyBoots

Helping me in terms of giving me a deposit to start me off. Like you say there is no rush I guess, they just want to see me getting settled and putting my money into my own place.

SpeedyBoots

Little bit gutted. I had got my credit score and rating from poor to good but since opening my new account with Halifax it has gone back to poor as a result of this recent credit search? Now I do not understand as the account does not have an overdraft and is not a credit card, little bit sad about this as I thought it was going much better than it had been in recent years

Kynthia

Don't worry about the score as lenders don't use these. Lenders care about the content of your credit reports like people said above; arrears, late payments, pay day loans, CCJs, etc. How long it's been since all these things happened is important to them, so you're heading towards a better position every month.

I've signed up to the free Noddle account too as well as getting the £2 statutory reports from Equifax and Experian every 6 months and it's great knowing exactly what's on there and who I'm 'linked' to.

SpeedyBoots

After lots of running around, ignored emails, unhelpful call centre staff I have wrote letters to the two main creditors offering installments, I'm hoping to get something to set up.

On less positive news, the full paid Experian report has revealed the following horrifying picture:


The Wonga and the MKDP are the ones that are being addressed at the moment, but I know the previous payday loan settled defaults are going to ruin me. I started off using Wonga, and then I very very very stupidly allowed my ex-girlfriend who couldn't get any credit to use my account as what I look at now as a "one stop loan shop", ruining my file in the process but at the time I didn't care, I was young and very very stupid. I think I will be learning the hard way

fiesta04

That does not make good reading.


F4

randomnut

OK well you have a few options for deposit. Normally lenders want 10% or 20% if a new build. If you go help-to-buy you can get away with 5% deposit but beware that payments/interest on the 15% start after I think 5 years. You'll want to check that though those details are from foggy memory.

The defaults and pay day loans on your file may be an issue getting accepted for a mortgage however. You can go to a broker and try and get a decision in principle without having to pay anything and see where you stand.

ACG

All i can say is speak to a broker.

Your looking at a minimum 15% deposit.

getmore4less

I would go back to basics and start budgeting.

have a look a debtfreewanabe and do a SOA
http://forums.moneysavingexpert.com/forumdisplay.php?f=76

http://www.stoozing.com/calculator/soa.php



you need to find out how much you can afford to start running a house and a mortgage

anfieldred

SpeedyBoots wrote: »

So, I managed to sort out my Experian report and got a fresh, full updated one.

I've gone from a credit score of POOR to FAIR (currently 833) and I have had a look through my defaults, what is outstanding etc and this is how it is shaping up:

Unpaid Defaults

• £424 - historic HSBC account - calling them on Monday to offer repayments of £25 per month
• £700 - historic payday loans company (silly me) - called them but their system is down so couldn't look into my account

On my file there are also 3 satisfied defaults. The above is slightly better news that I expected when I signed into Credit Expert, my priority being the repayment of the above unpaid defaults.

Get repayments in place, and no matter what DONT break the agreements & miss payments with them. I did when I was younger and they still show on my credit report now - in 2014 these blemishes should drop off my record (hopefully).