Mortgage Chance - Help all Brokers

Essex_Boy_2

Afternoon,
I'm 30 years old and currently earn approximately £31,500 approx yearly. I have been employed in the civil service since 2004 and I am on a permanent contract.

I am looking to my first mortgage and just wondering what chances do I actually have?

My 3 credit reports shows:-

Equifax - Excellent
Experian - Fair 825/999
Call credit - 3/5
I know these scores are worthless.
I STUPIDLY took out one pay day loan with wonga (2012) and over a two year period continued using them got my self in a situation I did not know it would record each one every month. I checked my credit files (experian and equifax - never showed up) but only recently only checked my call credit report and it shows all of them on there. My last one PDL was settled on 01/01/2014, they were all settled and paid on time. I got promoted last year and before that I was on a low salary and if I knew what impact they would have I would of not used them, I'm genuinely gutted.

I have a cc £2200 used limit £2400
I have a jacamo catalogue £400 used £2400 limit
I also have a overdraft of £1200.
I have saved £6000 this year since I got promoted.

I also had a loan back in 2009 and I moved to Kent and had a loan and arranged to pay this as I was on unpaid leave from work and paid this once I had job. This was settled and never defaulted on any of my credit agreements. This drops off in November nearly 6 years.
I have had a few late payments over the last two years not this year, I didn't even realise that these would have an impact as well.
I am more aware and trying to get on the property ladder.
Should I carry on saving and look next year? Would I be considered suitable for shared ownership?

Honestly I'm driving myself mad and so dissappointed in my choices.
Any advice or assistance would be much appreciated.
Thank you :T

libf

Is £6000 enough for a deposit and stamp duty and legal expenses on a property in the area you're looking? Most areas you'd need to save more even without the debt and depending on the share probably even for shared ownership...

Essex_Boy_2

I know it's only been a year of saving, just really was looking some advice from a broker or mortgage advisor x

Landofwood

Well how much do you want to borrow?

Essex_Boy_2

£125,000 or some for a shared ownership, just looking to find out what my chances are and what the best course of action would be.
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libf

Essex_Boy wrote: »

£125,000 or some for a shared ownership, just looking to find out what my chances are and what the best course of action would be.
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Carry on saving, pay down the debts and engage a broker nearer the time.

amnblog

Keep your nose clean until you have sufficient deposit. You can do no more.

Caz3121

what are the % rates on your debts compared to the interest you receive on your savings.
It could be beneficial to use the savings to pay off the debt then you can concentrate on the savings (it may only leave you £2,200 in the pot but without paying additional interest on the debts you should be able to top it up quicker than if you were also paying debts - the exception would be if any of it was on 0% then you may be better keeping that part)