Our situation; Want to try to get on the ladder ASAP

stayz

Husband and i returned from living abroad, been back 18 months now. Husband just changed jobs though and earning £18000 pa. should get plenty of overtime. Im not working at the moment as looking after our 2 yrs old. we get about £6000 child benefit, tax credit and Working tax credit. Will probably go down this year though.

Just put us on the electrol roll at the house we currently rent. Got the experian reports and he has a CCJ unsettled which will turn 6 yrs old this November. Nothing else outstanding and it advised he has a lack of revolving credit as nothing else shows except his mobile contract.

I have 2 late water board payments (1 yr old) tried to dispute but they wont remove. Im also going through a long and painful process as i have a Lowell default of £1600 registered June 2012 for a card i stopped using years ago after paying it off. didnt cancel it though and just kept it in a bedside draw for emergencies. Capital One had my parents address for it when i went abroad but they moved and i stupidly didnt update capital one and as i never used the card i never gave it a 2nd thought until silly i know and ive now been waiting for 3 months for Lowell to provide a statement, still nothing so i take it it will take me a long time to deal with this problem.

We are 34 and 38 yrs and so want to get back on the property ladder as soon as we can. We only have a £10,000 deposit but would be looking at properties between £85000 - £110000. There are also some nice new build homes in the area on the gov HTB scheme at £159000 but im guessing we are not squeaky clean enough to be able to go with this scheme?

Any advise of if, when and how we can go about doing this would be great?

WillyWonga

To be honest may be at least next year before things could start to move.

Once who get in contact with Lowells and ask for a full and final settlement and pay it off using some of your deposit. Then rest of this year save, save, save.

With a chequered history you need at least 15% deposit. So need at least £15k.

Clear all debts, save and approach a broker early next year to search out some specialist lenders and take it from there.... all the best.

ACG

15% and this could be done now I think (im unsure about the living abroad bit but everything else would be ok).
Rates wont be great (~6%).

I would suggest getting all 3 reports down to a broker who has experience in adverse as its not just a 1 off blip there are a few things to overcome.

stayz

Thank you for your replies, husband has been accepted for a credit card with our bank so if he waits until November when his CCJ drops off, has used and paid credit card every month and has several months of payslips with lots of added overtime do you think he could apply for the mortgage on his own? Then perhaps i could be added once ive sorted the default issue if i havnt before then? As soon as November comes ill get all 3 reports for us both and find a broker but i feel so much better, now just seeing some positive posts and fingers crossed we will be able to step onto the property ladder again. Would be nice to think we will possibly have something to leave our son one day! Thanks again!

ACG

Lenders are not usually forthcoming with allowing 1 applicant and the other to stay off due to bad credit.

Thats not to say its not a possibility, just that your choices will be limited.