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Mortgage advise for FTB with credit history problems
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magners79
Posts: 5 Forumite
Hi there,
I was wondering if anybody was able to help.
I entered into an IVA in October 2001, and completed (early) in April 2004. As a consequence, there are some defaults on my credit record (dates of defaults: 1 on November 2001, 4 on October 2001, 1 on February 2002 - no idea why this one is so much later).
Now obviously these are all coming to the 6 year cut off period where they fall off my credit record. But they are still there now.
Myself and husband are looking to buy our first house, and have come across one we love which we'd like to place an offer on (happened a bit quicker than expected). Will I have trouble securing a mortgage with a high street lender? I have an appointment with Halifax this week and am worried they will laugh me out onto the street.
We are lucky in that we have just over a 10% deposit + money saved for stamp duty etc. Our annual joint income is 51k, and the value we are looking to borrow is 200k (offer will be for 225k) so this is 4 x joint income which I know is a stretch (though we can afford it). Partner has approx 4k credit card balance at the moment.
Is there any advice that you can give me? Have also approached London & Country, they seemed to think it would be OK but said to approach them again only when we have had an offer secured.
Thanks!
I was wondering if anybody was able to help.
I entered into an IVA in October 2001, and completed (early) in April 2004. As a consequence, there are some defaults on my credit record (dates of defaults: 1 on November 2001, 4 on October 2001, 1 on February 2002 - no idea why this one is so much later).
Now obviously these are all coming to the 6 year cut off period where they fall off my credit record. But they are still there now.
Myself and husband are looking to buy our first house, and have come across one we love which we'd like to place an offer on (happened a bit quicker than expected). Will I have trouble securing a mortgage with a high street lender? I have an appointment with Halifax this week and am worried they will laugh me out onto the street.
We are lucky in that we have just over a 10% deposit + money saved for stamp duty etc. Our annual joint income is 51k, and the value we are looking to borrow is 200k (offer will be for 225k) so this is 4 x joint income which I know is a stretch (though we can afford it). Partner has approx 4k credit card balance at the moment.
Is there any advice that you can give me? Have also approached London & Country, they seemed to think it would be OK but said to approach them again only when we have had an offer secured.
Thanks!
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Comments
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Let me know if you need any more information.0
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Have you got up to date copies of your credit files (from Equifax or Experian)? What kind of scores do you have on there?
The loan amounts are fine - your credit file though will dictate what rates will be available to youI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks Herbie.
Yes, got an up to date copy of my Experian credit report. Can't see an actual 'score' on it (though I read somewhere else they are irrelevant?).
Someone on the other forum suggested I find a whole-of-market broker, fees free for the best advice. If anyone knows of anybody good in the Woking/Guildford area could you let me know? If you're allowed to on here that is.0 -
No we are not allowed to recommend anyone, unfortunately!
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0
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