First Time Buyer - Bad Credit History (Usual Story!)

Donel261

Hi guys,

Just wanted some advice and to gather some alternative views on my situation. I have a bad credit history, 1 CCJ which was repaid from 2004 with an associated default which is also satified. I now adhere to all my credit agreements, paying on time and I am not over committed, I have a mobile phone on contract and a vanquis credit card which I pay off each month to build my record. However, I do have one unsatisfied default which I am refusing to pay as I am challenging the amount owed and want it to go through the courts as the company are not listening to reason (another story all together :rolleyes: )

Anyway, I want to get on the property ladder but don't have much in the way of savings. I earn 26k per annum and currently rent and pay £550 per month which I feel could be used as a mortgage. I was going to approach London & County for advice but is there anypoint without a large deposit, and the credit history on top of that?

homer_j_3

L&C wont want to know until you are in a position to do business as far as I know. Maybe others can confirm or correct me on this point.

There are lenders that will ignore defaults so you should be able to get a mortgage. Get yourself to a local broker or someone who will go through things with you before you start to look around as you will need to understand your budget and what you can borrow before you start properly looking.

Donel261

Thanks Homer J.... :beer:

ixwood

Why don't you do things properly and save a deposit 1st?

herbiesjp

Agree with homer regarding L&C - I believe they only talk to you once you have had an offer accepted.

Make sure you put a notice of correction or dispute tag on your credit files (Equifax or Experian). That way any lenders will see that there is an unsatisfied default, however there is an explantion from you for it, which can make all the difference.