Historic Credit issues dogging new family

AM33UK

Hi All,

sorry if this is not the right place to post,
I have moved house a number of times in the past 15 years and none of the credit agencies can track where/ what my score should be, I have had a variety of different credit cards, in my youth I would move house and "forget" the debt existed,

I have spent my working life trying to pay it all back, and think I only have one outstanding which I pay off monthly,

My earnings are in the region of £90K per year, My wife is on paternity will go back part time soon which will bring our joint income to over £100k

I am currently supporting the family 100% and are renting a lovely house however the rent is really high, £1950 Per Month - I really like this area and my aim is to buy before my son gets to school age (in three years time)

In three years time I hope to have a solo income of around £115k - £120k,

A good family home in this area costs no less than £650K - £700K - (roughly the cost of the house I am currently renting now)

1) I need help understanding how to fix my credit so I can get a Mortgage

2) What is the best advice on buying a house and linking earnings to how much I should really spend on a house, is owning a house worth 700K a pipe dream on my earnings projections in three years? if so how much do I need to earn to get the family house?

My bad credit has dogged me for years but I have managed to live a good life purely on my wages, now I have a wonderful baby boy I need to try and get a clean slate and make sure he and my wife have a place they can actually call home.

Any advice would be really appreciated.

Regards
A

solentsusie

Hi

I am sure someone with far more knowledge will come along and help you but you might want to give more details on the following:

- Do you have any CCJ's or defaults currently showing on your credit files?
- Have you checked with all of the agencies?
- You don't say if you have any saving towards your house deposit or if you are paying off any old debts.
- You don't say whether you will be applying for a joint mortgage when you wife returns to work and whether she has any bad debts.

I think people will need more information on what you are trying to achieve before being able to offer advice.

Good luck.

Thrugelmir

AM33UK wrote: »

I have moved house a number of times in the past 15 years and none of the credit agencies can track where/ what my score should be,

If you've not been registering on the electoral roll. Then you'll struggle to obtain a mortgage in any case.

You'll need a significant amount of savings to bridge the gap between what you could potentially borrow as a mortgage and the house prices you've quoted.