'Adverse credit history', FTB

Jessykins02

Hello,

I am in the Army and have recently been on tour, so able to save for a deposit for my first property.

I arranged a mortgage consultation with Santander as a starting point, but they were unable to offer me a mortgage. My deposit was fine, my affordability 'excellent' and my 'account behaviour' good, but I had 'adverse credit history'.

On later investigation, I found I had been awaarded a default for a mess up with Three Network, internet whatsit that was cancelled by me, but seemingly not by them, whilst I was away....anyway, they have recinded and requested the CRA remove the default.

My score is poor.... Ten years in the Army and moving addressses etc, coupled with several years of irresponsible banking (going over overdraft limits) have taken its toll. But i have been very disciplined for the last two years.

Am I nuts to assume that I will be offered a mortgage at this stage....do I need to wait years before I am deemed credit worthy? I really do need a home of my own now.

My deposit stands at 15% at the moment, but every month this is creeping up.....

Any advice?

ACG

Speak to a Mortgage advisor (not a bank).
You should be able to get a mortgage assuming its a few years old.

Also have you look at the LSAP? This could potentially up your deposit to allow you to get a better rate.

Jessykins02

Thanks for the reply.....

I will be using the LSAP....this is also due to go up next year, so could add to the deposit in April to a very healthy percentage.

I've stupidly seen a flat already....my heart is saying charge on, my head says wait til April.....

Jessykins02

Thanks for the reply.....

I will be using the LSAP....this is also due to go up next year, so could add to the deposit in April to a very healthy percentage.

I've stupidly seen a flat already....my heart is saying charge on, my head says wait til April.....