First time buying

Shawdust

Hi I'm hoping to buy my first house later in the year,
This is my sitiuation:-

The house will be roughly 80k, I'll have 10% deposit.
I've had an unsettled default of 3k but that ran out this month and also a ccj which is also unsettled but runs out in July.
I've had a vanquis credit card to boost my credit score which is getting pretty good now thanks to it.

My question is will the unsettled debts affect me getting a mortgage even past 6 yrs old?? Also some advice roughly to get me prepared on what I could do to help get accepted for a mortgage

Thanks

1316Baggies

I'm not sure about the unsettled debts but perhaps you should try and find a good mortgage broker to help you? We were first time buyers last year with so many questions and were recommended a really brilliant broker by a friend and he sorted out all these things so we didn't have to. For the most part the broker doesn't charge you - they get their fees from the other side.
Just don't use the ones in the estate agents! Good luck

Lauraj1391

Shawdust wrote: »

Hi I'm hoping to buy my first house later in the year,
This is my sitiuation:-

The house will be roughly 80k, I'll have 10% deposit.
I've had an unsettled default of 3k but that ran out this month and also a ccj which is also unsettled but runs out in July.
I've had a vanquis credit card to boost my credit score which is getting pretty good now thanks to it.

My question is will the unsettled debts affect me getting a mortgage even past 6 yrs old?? Also some advice roughly to get me prepared on what I could do to help get accepted for a mortgage

Thanks

Hi we too are first time buyers and I know it is very difficult to obtain a mortgage we got declined on a few just because of not being on the electoral role.


Is there no way of settling these debts before you apply for your mortgage? When you apply for a mortgage they do a very thorough credit check so I would worry about the defauts and CCJs coming up myself.


I would try and settle the defaults before applying so that you know there would be nothing affecting your chances.


Hope this helps. Good luck

kingstreet

These disappear from your credit file six years from the date they were registered. Once gone, they will have no impact on your mortgageability.

pyueck

After six years you should have no impact assuming nothing else on credit file. Morally I have to slightly question why you think it'a ok to have a 8k deposit but have 3k in default.

Has the creditor tried to enforce the ccj? If they have thy can still put a charge on any new property, however after this time likely they will have written it off and forgotten about it.

Shawdust

I've not got the 8k yet... I'm not morally proud of it but I was young and stupid but that's my problem to deal with,
I've no more debts (apart from the ones stated) and pay my credit card in full each month. I'm on the electro roll.... Is there anything else that would go in favor??

pyueck

If you are not proud of it maybe you should use this money when it comes to pay off the debt? Maybe you were young, but that doesn't make you not responsible.

Shawdust

Maybe, but I was asking a question about getting accepted for a mortgage, not a counciling session

pyueck

Shawdust wrote: »

Maybe, but I was asking a question about getting accepted for a mortgage, not a counciling session

Well the answer is that I cannot say as I don't know your credit score in full, but after 6 years any default or ccj will clear. However if you have been chased for the debt in the past six years then your old creditors can put a charge on the property and ultimately force you to sell it.

ognum

Shawdust wrote: »

Maybe, but I was asking a question about getting accepted for a mortgage, not a counciling session

Why do you think you don't owe this any more? Just because you were young doesn't obsolve you of your resposibilities.

Shawdust

I just want to know my options as I know the debts are still there but not affecting my credit... What's the point in paying if it's not really going to affect my mortgage application??