Next Summer will I be ready for a Mortgage?

Jambo5

Hi all, I am looking for some advice and hopefully cheering up as my credit rationg is poor. Here is what happened.

In 2007 I was 20 year old and working as a self employed Joiner.

By October 08 I felt the reccession most and could not find work.
Problem being at time I had a car on finance and multiple store cards from when I was 18. In the October I signed on dole and recieved £190 a month in Jobseekers Allowance. Ironically £190 was exactly what my car finance and insurance was per month.
It was a double edged sword as I needed the car incase work came in but in never did. Luckily I was living with parents now rent free but split up with my partner of a few years and I admit I kinda give up. I found a little work eventually in early 09 and made what payments I could but by this time the damage was done.

So, in August 09 I joined the Army. By this time I had 5 defaults and 1 CCJ. By June 2010 I had paid all debt off in full and all were marked as 'Satisfied'. But this is also around the time somebody advised me to take out a Payday loan. At time all young Soldiers seemed to do it and I was under impression that it would improve my credit score. Some 22 Payday loans later I take out the last one on 01/05/12. Yes I am a Idiot!

I write this now aged nearly 28 now happily married in my married quaters provided by the Army. We are just like everybody else and want to buy our first house. I just can't help feeling like some sort of criminal. And this depresses me.
I have done some research and know that Defauts and CCJ's will fall off my Record after 6 years from the date they were added.
I did sign up with Experian and Equafax a year or so ago but cancelled. I have recently just signed up again with Noddle as some defaults are due to fall off.

And......some of them have. Three of them have gone. One of them is due to go in January 15 and the CCJ in July 15. So that should be me clear on that front. But what remains is them Paydays loans and upto 5 missed Payments from my car finance which I did'nt Default on and that was 5 years ago.

I got a Barclaycard to try and rebuild my score. I also have had a phone contract for 5 years and never missed a payment. I also have ran this house smoothly I never missed any bills for the last 15 months. Yet my score is 522 with Noddle.

I earn £27,000 a year but the wife makes less at £15,500, her credit score is 960. We have a deposit of around £10,000.

My questions are,

How long will it take for my credit score to improve after the final CCJ is removed?

She can only get a mortgage for £69,000, with this new help to buy scheme will she be able to get a bigger mortgage with the government giving more Equidy?!

If she gets a mortgage by herself will my wage at all play apart in the size of the mortgage?

Does anyone have advice on Mortgage Brokers?

Or any advice on Rent to buy?

Any advice would be greatly appreciated and as you can tell i'm not so convident that when my Final CCJ is removed and what feels like the longest 6 years of my life is over that I will be approved. I thankyou in advance for any advive,

Cheers Jambo5

kingstreet

You will be viewed as a better risk once any negative factor drops off your credit file.

HTB products don't enable you to borrow more than is affordable. The equity loan scheme does increase your deposit though.

A sole mortgage is based on the applicant's income alone.

I can't speculate on your prospects as we have nowhere near enough information on which to build a decent picture.

You really need to speak to an independent mortgage broker. Ask friends and relatives for a recommendation. Failing that, try https://www.unbiased.co.uk, switching off the sponsored ads only option so you get a full list for your area. Obtain all three versions of your credit file before doing so. The £2 paper copies will be fine. Do not pay for "credit scores" as these are totally pointless.

Jambo5

Can anybody else shed some light on this please?

amnblog

The gap since your problems will work in your favour.

Make sure the investigate the support and special purchase scheme available to service personnel.

As KS says, your first stop will be a good mortgage broker.