first time buyer with poor credit in the past

welly_59

first i'd like o give you a bit of history about my debts so you can get a clearer picture when you offer me advice. I have a ccj from 2004 which i am currently paying off and one default from roughly the same time(this is from checking with experian). I have another ccj from last month, but this will be removed from my credit file in the near future, it was served on me at my old address and i am currently in the proccess of having it set aside(repayments have already been arranged for when this proccess is completed.

My first question is would a history such as mine stop me from getting a mortgage on a property? i have found that i am unable to open a current account or obtain a credit card. I have friends in the same situation as me but who have still been given a mortgage, but i dont want to embarrass myself by continually being turned down!

secondly, are there any decent online brokers which i could ask for advice and help? i am arranging to meet the ones in my local area but if theres any hiddens gems out there it would be great if i knew about them!

my annual income is £20'000, but only £12'000 of that is my basic wage. the rest is made up of overtime. This is due to the way that my employer contracts staff(they gave you small amount of contracted hours, but you ALWAYS work a nomal 40 hour week, trying to save on holiday i guess) would this hinder the amount of lending i could have?

any helpw ould be great!

PrincessJR

Hi,
you're history wouldnt STOP you getting a mortgage, as people who are bankrupt can still get mortgages. It will however affect your options and also your rate. You will probably pay a higher rate than a standard mortgage, and will hve to go through specialist lenders.

My advice would be to call London and Country brokers (check out their website), they ehlped me with my mortgage as I had a very poor credit file.

They will search the whole of the market available to you, and do all the liasing on your behalf.

Good luck!!

PrincessJR

PrincessJR

oh, by the way, lenders and brokers DO take into account regualr overtime so it shouldnt be a problem! they will take into account that you actually bring in £20k per annum.

herbiesjp

PrincessJR wrote: »

oh, by the way, lenders and brokers DO take into account regualr overtime so it shouldnt be a problem! they will take into account that you actually bring in £20k per annum.

Please note that if the overtime is not guaranteed, some lenders will not take the full amount of overtime into account.

SO you would need to adjust your research accordingly and check with lenders beforehand

rachaelself

Hi,

Me and my partner are applying for a mortgage and he gets an extra £3-4K a year overtime and our financial advisor has told us they will take that into acocunt. If it is garunteed and consistant and this will show on your payslip they would probably accept this.

My partner has poor credit and are going to be credit checked tomorrow for a mortgage - so I a'm not looking forward to this - like Princess says you will still get a mortgage but it'll be with a higher interest.

Kate1983

My husband and I had poor credit history when we applied for a mortgage and were turned down by a couple of lenders. We got one in the end with the Chelsea - I think they specifically specialize in lending to people with poor credit history.
Don't worry too much - I'm sure there will be someone out there who will lend to you.
Good luck!
Kate