first time buyer with bad credit needs advice

morgageclueless

Hi everyone,

Looking for a few pointers here because i've been getting duff information elsewhere.

Recently had an offer accepted on a house, have my 10% deposit, then my broker told me he couldn't secure me a morgage.

Went to call credit to access my credit file, turns out there was a credit card and two mobile phone contracts from 2006 outstanding on my account from when i was back at uni (i moved house a lot then and lost track), a couple of hundred each.

As soon as i found out about them I paid them that day and got letters of satisfaction for the broke, but he said there's no point, come back in a year.

I also when to Ulster bank and the advisor there said there was no point even trying and it would be 6 years before I got a morgage with them, regardless of the size of deposit.

I moved in with family thinking it would only be a month or two until the house purchase went through, so what do I do now?

Is there any options open to me or have I got to wait a year?

I've heard about co-ownership, but I understand this still requires a year after defaults being settled?

Seems crazy, I've never missed a rent payment in 15 years, but I can't get a 45 grand morgage because of a £200 phone bill from 2006.

Should I try contacting the companies to get the defaults removed? Does this ever happen?


Thanks in advance- this is all new territory to me! All advice much appreciated!

kingstreet

You can have defaults removed if they were registered in error by the creditor.

Do you dispute their right to default you, or are you to blame for not notifying them of changes of address in a timely manner?

If they were registered in 2006, they should have fallen off your credit file by now. Why are they still visible?

morgageclueless

I was moving house each year and just forgot about the debts-

I paid them all last month and now they are on there as fs or fully settled.

Do I have to wait a year now before I try to apply for a morgage?

Thrugelmir

morgageclueless wrote: »

I was moving house each year and just forgot about the debts-

I paid them all last month and now they are on there as fs or fully settled.

Do I have to wait a year now before I try to apply for a morgage?

A lesson learnt. Chalk it up to experience. Relationships are 2 way. Not one.

amnblog

This broker does not sound to have been very useful. Where did you find them?

morgageclueless

It was a 'corporate' sale, and they were managing it as the estate agent- they offered to act as my broker as well

amnblog

Did your broker submit your case to a lender?


If so, did they check your credit file first?


Are you in NI?

morgageclueless

They didn't check my credit file, just asked me if I had any debts.

After the refusals I was advised to get my credit file and it shows a lot of searches by high street lenders on behalf of the broker(I'm guessing this won't help my rating either)

He said he tried to reason with Halifax, as they were the best shot, but they didn't want to know, despite having paid the 3 accounts in default.

I'm in ni

amnblog

This clown has put a number of credit searches on your record without checking your credit file first and has done you no good.


One of the complications is that many of the lenders that will take credit issues do not like NI properties as security.


Find an independent mortgage broker locally (that is not in an Estate Agent's office) and they may be able to advise you properly.

kingstreet

kingstreet wrote: »

If they were registered in 2006, they should have fallen off your credit file by now. Why are they still visible?

Please revisit this question.

morgageclueless

They were registered in 2006, paid last month

Thanks