First time buyers - advice required please!

Domino1108

Deleted post

kingstreet

At 95%, visible defaults will send most (if not all) lenders running.

Which versions of your credit file do the defaults appear on? If you haven't got all three versions of your credit file, do so now and put them in front of a whole market broker.

Leon_W

I don't know of any lender that will accept you.


With a credit history like that you'll either need a much much larger deposit or wait until the black marks drop off your file.


For any of these schemes you really need a near on perfect credit rating.

Yorkie1

Does the 0% credit card end before you apply, before completion, or after likely completion?

If the third one, the lender will view you as having £5500 debt, and no personal savings to provide a deposit. As the deposit is being entirely gifted, and there are marks on your credit records, at 95% it does look challenging.

Thrugelmir

Gifted deposit no personal saving but credit card debt. From a lenders point of view there's no indication that your personal finances are under control. So address that credit card balance initially.

Doesn't matter why the debt built up. If you had savings then you would have managed better.

kingstreet

To be blunt, only you can decide if a bigger deposit to enable you to purchase a home quicker takes priority over what many would consider the wasted expense of a wedding.

Everything to do with weddings seems to have an extra "0" on the end when it comes to the cost...

Picky

My girlfriend and I purchased through the Help To Buy scheme last year. She had a couple of defaults 4-5 years ago and this meant that we were not accepted when we put in a joint application. I earn nearly £30,000 so I was able to apply on my own with an unblemished record and this went through straight away. Our IFA said that the Help To Buy lenders will usually downright refuse anyone with a default on their record at any point in the past 6 years. Sorry to be the bearer of bad news - my advice would be to hold off for a few years, save up an even bigger deposit and then have a smaller mortgage to worry about (or you could buy a much larger house).

Yorkie1

Thanks for updating but your criticism of others is not fair.

Because:
a) you've now deleted your first post, which makes the rest of the thread meaningless;
b) nobody here had the full facts;
c) the T&Cs of the site make it clear that anything people post on here is only 'opinion' and NOT 'advice';
d) every case is dealt with on an individual basis.

You were successful but many people with similar circumstances as remain outlined on this thread will not be.

Leon_W

I'd agree Yorkie.


Without knowing all the facts we can only generalise about someone's situation. I can't remember the original post word for word but from what I can remember the credit issues were pretty dire. In this job it's no good saying everything will be fine and you'll have no problems when you know that not to be true.


Then again I have seen posters in the past get answers they don't want to hear and come back later to say that we're all morons because they've got whatever problem they have sorted. Whether they have or not I don't know but sometimes I think it's done to flame an argument.