buying a house with adverse credit

CarlaYilmaz

Hello, I’m new here and I’m so fed up, to cut a long story short, when I was 18 I got myself into debt with my then boyfriend, we rented a flat and everything got out of control and he began seeing someone else and we split up, because I was an idiot everything was in my name (he was foreign and couldn’t seem to get credit because he wasn’t on the electrol role etc.)

I turned to Gregory Pennington who negotiated deals and froze interest but have recently taken it away from them and am doing it all myself. I pay a total of £42.00 per month between four creditors and have appx. £8000.00 outstanding. I have not had any credit since then, just been paying back the amounts I can afford but I never wanted pay massive amounts because I wasn’t earning that much, I didn’t want to not be able to have a life and be sat at home wasting more of my young years due to my ex. I barely notice the payments going out, it was under control and I have been happy that way, I just hoped that when It came to getting a mortgage I would be able to put it in it or just continue paying it alongside.

I am now 25 married and desperate to get a mortgage in a year or so with my husband and eventually start a family, we both work and between us earn £30,000 per year I have learnt from my past and never got involved in any credit or loans since I was 18 and my husband has one credit card that we only use in emergencies and pay straight off before we even receive the bill.

We currently rent a flat and manage all the bills fine, we are learning to drive and with the rest want to save as much as possible for a deposit, if we pay off the debts with the rest it will take years and I really want to save for a deposit on a house so that we can buy asap, i am happy to pay my £42.00 a month repayments for as long as it takes because I barely notice it, if we find ourselves in a position to pay one off then we will but I’m not getting any younger I want have children, I wish I could just incorporate the debt in a mortgage or just pay it off as I am doing but how will I get a mortgage with it still outstanding

We went to the HSBC and my husband asked them for a ‘rough’ mortgage quote, I wished he hadn’t asked because I walked out in tears, the women was really patronising about my debt and said that because I had used a management company to lower the payments then I would definitely have adverse credit (which I do know and am aware that a high street bank probably wouldn’t lend) (although I have recently passed two credit checks, one to get our rented flat and one for a bank account). I have battled against these creditors on and off for seven years and feel that I am controlling it all well these days, I just didn’t need to be spoken to like that, this women made me feel so deflated and sad, she made me feel like the scum of the earth, she told me all about a product and then said that ‘they wouldn’t touch me though’

I feel gutted, all I want to do is buy a house and not use government’s money to live.

I have written to experien for my report but inthe meantime any advice would be much appreciated.

rayday2

You need to get advice from a whole of market lender not a specific bank then you will get a better idea. I doubt you will struggle as much as you think as it was so long ago things will be beginning to disappear off your history. I would definately wait till next year though as the whole mortgage market is upside down at the moment with the AMerican market.

wyebird

Have you checked your credit file? If not would be inclined to have a look and see exactly what is says first.

immoral_angeluk

Have you checked out the house buying board? You may get more specific advice over there too..