Right to buy mortgage bad credit/good credit deposit??

mmgmum

Hi all just wanting a bit if advice really me and my partner are wanting to buy our council property hopefully within the next 12 months and need to know a few things if anyone could help us out it would be greatly appreciated thanks

Right firstly I have some bad credit defaults although I have some good credit too, they are unpaid I shall be paying 3 of them off in the next couple of months and then one won't be clear for 12 months would these go against me?? I currently don't work as I'm a stay at home parent

My partner has good credit although has a low end cc which should be cleared soon he works full time with a decent wage

I get a bit of tax credits/child benefit am I right in thinking this doesn't count for any sort of income and is ignored ??

And lastly do you need a deposit or is the discount counted as your deposit?? house worth 90-100 thousand(based on local prices) discount be about 40% so looking at some where in the region of 55-60 thousand, obviously I know there's solicitors fees etc to pay just need an idea of how much we need to save, would it look better if we had deposit too??

Thanks in advance

ACG

Speak to a broker.

Different lenders will view this differently.
Some will want you to put in an additional deposit, some will class the discount as your deposit.

Child tax credits may be taken in to account with some lenders but not others.

Again the defaults may be viewed differently, some ignore over a certain age, others do not. Some ignore if they are under a certain value or to certain types of companies etc.

There are too many questions on this to give an accurate answer. I would suggest getting all 3 reports down to a broker. this has to potential to fly through at normal rates or be quite difficult.

mmgmum

Hi thanks for the reply how to do we go about finding a reputable mortgage broker don't want to goto one and we get know where with it or they just mess our credit files up with lots of searches and then we have to wait to start allover again thanks again

ACG

General rule of thumb - avoid estate agent brokers.

Can any friends or family recommend any?
If not google local whole of market brokers in your area? Have a chat with some and see if they sound confident etc.