Am I wasting my time?

domika

Hi!
Long term reader of the site, 1st time I've joined though
Looking for advice to see if I am wasting my time and need to look into other things.

I am looking to purchase a property...
A house was repossessed following a divorce 2 years ago - consequently my credit score plummeted. A credit card in my name was used without my knowledge at the same time and was left defaulting until I saw it and cleared it off. I use a credit card every month for petrol etc and clear off in full, done this for 1.5 years.

Are there any situations where I can obtain a mortgage? Be it Barclays springboard, guarantor mortgage or maybe a joint application with a parent (retired but happy to use own mortgage free property as equity if required).

Thanks in advance

minimike2

Hi,

Springboard is a definite no.

The parents option doesn't seem a good idea either - Their age may be an issue and if they are homeowners there will be a 3% stamp duty surcharge. Plus just adding other people on doesn't mean a lender will ignore your circumstance, they look at the situation of ALL borrowers. Also why would you want to subject your parents to that in their golden years?

It hasn't been long since the issues so high street is going to be difficult. You need to engage a broker who deals with adverse credit history to look at what options you have.

What level of deposit % wise do you have, as this will be key.

Your credit "score" isn't the issue (in theory you don't actually have a score, you have a credit history), it is the actual information held on your record - The reposession, the default etc.

domika

Thanks for getting back to me so quickly,

Deposit wise a 10-15% one is not out of the question. Definitely looking at a broker then. I have an account with noddle and clearscore which shows slightly different data on each. The repo was enforced Feb 2015 and settled May 2015, the credit card was Nov and Dec 2013 "1 month late" although that might actually be no payment as I wasn't aware of it up to march 2014 when i settled the entire balance and been fine ever since.

Does that help working out if this is realistic?

minimike2

May be achievable with 15% - Not sure 10% will be enough, but your broker will advise you if there is an option when they have everything in front of them. There are too many things to go through in your case so really just best to broker up and go from there, but do make sure it is someone familiar with adverse history. Your typical volume brokers (like a certain big fee free telephone based company) are best avoided here.

domika

Thanks so much for taking the time Minimike2. Next step - a broker who handles adverse credit!!!