Poor credit help

ShannonRS

Long story short I’m trying to secure a mortgage with my partner who has a clean credit report, Mine on the other hand has two ccj’s from earlier this year, one from January to united utilities for £700 which I plan to pay off later today and another from March to BT for £600 which I am trying to appeal (services did not work for over a month after engineer broke something in the cab and I stopped my direct debt) Also I am at the max of my £1000 over draft.

We have a 20k deposit and we’re looking at a property for £170000.

After my partner spoke to an advisor yesterday she was told that we would struggle to get a mortgage unless we had 20% deposit.

Can anyone give any advice for how to move forward as I’m starting to think that I’ve ruined things for the pair of us and we won’t be able to secure a mortgage.

foxy-stoat

By advisor I assume a person employed by the lender ? You need to speak to a broker really.

Whats your partners income?

ShannonRS

I just asked and it was a broker sorry.

We are both on 26k a year, she has a 28k student loan and a car on a two year term than ends next year, car payment is £200pm

I have no debt other than the ccj!!!8217;s and overdraft but I also haven!!!8217;t had any other credit agreements which doesn!!!8217;t help my report

foxy-stoat

If the broker has said you need a 20% deposit then thats what you need - use the time to save up more deposit, satisfy all the CCJ's and wait until the newest one is a couple of years old before thinking about looking again for a mortgage.

ACG

I would say 15% deposit and the non BT default being satisfied.

But that is still more than you have by the sounds of it and I am probably working off less than the other broker, so the other broker may still be correct.

marliepanda

You didnt pay a BT bill of £600 because of around a months non service?

Your BT bill was not £600 a month. You should have paid what you felt you owed and disputed the rest.

ShannonRS

I cancelled my DD and didn!!!8217;t pay my BT bill as I had no service for over a month, I explained that in my OP. The CCJ is for £600, not the BT bill, I!!!8217;m fully aware of this. Yes I could of handled it better at the time but shoulda, woulda, coulda!!!8217;s are of no help at this point.

I am waiting for a call from L&C as I haven!!!8217;t actually spoken to a broker yet to explain my circumstances, only my partner has spoken to a broker and gave no explanation about the CCJ!!!8217;s. I don!!!8217;t know if this will help at all but it!!!8217;s worth a shot.

ACG

Ah, if it is a CCJ and not a default then the other broker is probably right - 20% deposit.

misshap2018

I am new to this site but wanted to also ask if anyone has experience of getting 1st time buyer mortgages with poor credit rating. The credit score is classed as poor on experian due to a defaulted credit card - now satisfied. The default will be removed in a few months. I want to apply for a mortgage to buy a house owned by a family member (they want to sell ASAP0. They are giving us a big discount. Does anyone have recommendations for lenders that deal with people with bad credit or this sort of situation?

ACG

If the default is over 5 years old and satisfied, there may be high street options where they will accept the discount as the deposit.

It is probably worth having a chat with a broker.

ShannonRS

it’s going to be a long time until we can manage to get the extra 14k and if I’m honest I’m not prepared to waste another 12 months renting.

In a worst case scenario (which this pretty much is) could my parent and partner apply for the mortgage?