try and get an aip or wait?

binerds81

Hi, I'd be grateful for any advice please

I am looking to buy a property but don't have a great credit file. I have several defaults although all are from before 2011. Currently all but 2 are satisfied and i am clearing them each month at the moment and they will be fully cleared in September (Value left approx £400) i also have used payday loans in the past, also 2010-2011 due to personal situation of losing my job and was going into arrears on rent etc. They are all cleared as well though. My current credit on open accounts is my cc for £1400 and another credit account for £400. I will also pay these off in full in September.

I have an income of £21,346 and the property i want is £115,000. I would like to use the htb scheme and have a deposit of £8000 which is over the 5%required, so the mortgage would be £84000 (73% ltv)

The house i want to buy is the only one left so i was wondering if i could get a DIP for a mortgage to secure it. However if a broker can't find me a mortgage in my current circumstances will the rejection prevent me from applying again in a few months? So is it best to forget about this house and wait until September when everything is cleared before trying to apply. And from clearing everything should i wait even longer before applying?

Thanks for any advice.

binerds81

Sorry for the typo I meant DIP!

amnblog

binerds81 wrote: »

if a broker can't find me a mortgage in my current circumstances will the rejection prevent me from applying again in a few months? So is it best to forget about this house and wait until September when everything is cleared before trying to apply. And from clearing everything should i wait even longer before applying?

Thanks for any advice.

Once they understand your position a good Broker will advise you regarding this before running credit score.

binerds81

Thanks, i didn't know that!

The housing company gave me details for a broker called rsc. Anyone had any experience with them? Or could recommend a broker i should contact?

Thrugelmir

If you've £8k of savings. Why has it taken so long to clear the defaults.

Mortgage_Mark_2

binerds81 wrote: »

Hi, I'd be grateful for any advice please

I am looking to buy a property but don't have a great credit file. I have several defaults although all are from before 2011. Currently all but 2 are satisfied and i am clearing them each month at the moment and they will be fully cleared in September (Value left approx £400) i also have used payday loans in the past, also 2010-2011 due to personal situation of losing my job and was going into arrears on rent etc. They are all cleared as well though. My current credit on open accounts is my cc for £1400 and another credit account for £400. I will also pay these off in full in September.

I have an income of £21,346 and the property i want is £115,000. I would like to use the htb scheme and have a deposit of £8000 which is over the 5%required, so the mortgage would be £84000 (73% ltv)

The house i want to buy is the only one left so i was wondering if i could get a DIP for a mortgage to secure it. However if a broker can't find me a mortgage in my current circumstances will the rejection prevent me from applying again in a few months? So is it best to forget about this house and wait until September when everything is cleared before trying to apply. And from clearing everything should i wait even longer before applying?

Thanks for any advice.

New build? Speak to a broker ASAP, would be my advice.

binerds81

Thruglmir, i didn't know about all the defaults as i moved house several times in a short space of time after a very messy split. I didn't have any savings up until about 15 months ago and have saved 6k since then with a bonus payment through work of 2k. then i have checked my credit file a couple of months ago and been paying them off the past couple of months with just 1 month to go until they're cleared. Because the accounts are closed and already showing as defaulted 3-4 years ago i didn't think it would matter when i paid them off since either way they will still show on my file.

Thanks though, i think i should contact a broker to see if there's any chance before i miss out completely :-)