Do I need an adverse broker?

jazzyja

So, looking to get a mortgage in approximately 5 months time. I've managed to pay off majority of my debts except my car which i owe about 7k to, and a very old rossendales debt (from 2012) which il be honest I forgot I was even paying but apparently still owe them 1k which i pay £20 a month to and have done for years, this debt isn't on my file just on my bank statements.I havent missed any payments in 3 years according to my credit history. My previous history wasn't so good as I was a student for 3 years so money was tight. I recently paid off a credit card which is taking its time coming off my file (its been about 2 months) so the only negative is that I'm close to utilisation on this card. Im so worried about being declined. Im currently living in a very poor state rented property with my 2 children and ive saved so hard to get where I am. I dont want to have to fork out 1.5k to move to another rented property. I currently only have 10% deposit. Is there anyone on here i could possibly private message my issues as they come?? I dont know where to start. Ive spoken to an advisor who was recommended by a friend....she told me it was OK to go into my overdraft, and talking about credit "scores" so its put me off using her. Would people recommend i use an adverse advisor/lender?? Any advice would be helpful. 

haras_n0sirrah

You are likely to need a 15% deposit unless things ease up in the not too distant future. It will come down to what is showing on your report especially dates and amounts of adverse. Some of us who post here are brokers. We are not allowed to approach posters but posters are allowed to pm us for help.

ACG

With a 10% deposit there are not many lenders available.

I think it is hit and miss as to whether you will get a mortgage. You can PM brokers on here, but in all honesty as and when things crop up, but I think in all honesty you need to pick a broker and deal with them, get your credit report over to them and work with them from day one. Brokers have different ways of doing things so you may find a broker on here does things differently to another broker. 

In 5 months time though I am lead to believe there will probably be quite a lot of change, although I still do not think 90% mortgages will be readily available and that means when they score your application they will probably be doing it more harshly than they would have done in say January. 

jazzyja

ACG said:

With a 10% deposit there are not many lenders available.

I think it is hit and miss as to whether you will get a mortgage. You can PM brokers on here, but in all honesty as and when things crop up, but I think in all honesty you need to pick a broker and deal with them, get your credit report over to them and work with them from day one. Brokers have different ways of doing things so you may find a broker on here does things differently to another broker. 

In 5 months time though I am lead to believe there will probably be quite a lot of change, although I still do not think 90% mortgages will be readily available and that means when they score your application they will probably be doing it more harshly than they would have done in say January. 

So realistically what do I do? Just sit and wait? I cant imagine another year in this house its really getting me down. 

What if I got a help to buy? I'm willing to do anything. I dont even care about getting a good rate. Just aslong as I get one. I cant actually cash out of my lisa until May 2021 so its a little more than 5 months but I wanted to start looking a few months beforehand.

ACG

As haras has said, you are probably looking at a 15% deposit.

HTB may be an option, there are a couple of lenders who may do that for you.

haras_n0sirrah

Help to buy will help as it will boost your deposit. 10% is almost non existent currently regardless of credit history so help to buy will help you to get past that issue 

jazzyja

haras_n0sirrah said:

Help to buy will help as it will boost your deposit. 10% is almost non existent currently regardless of credit history so help to buy will help you to get past that issue 

Only problem I have is there are limited new builds in my area. How old does the house have to be? 

Thrugelmir

jazzyja said:

a very old rossendales debt (from 2012) which il be honest I forgot I was even paying but apparently still owe them 1k which i pay £20 a month to and have done for years, this debt isn't on my file just on my bank statements.I havent missed any payments in 3 years according to my credit history. 

Clear the debt ASAP. You aren't doing yourself any favours extending repayment out. They may well settle for a lower figure to close the case. Dragging it out simply means it'll take longer to have a clean slate. 

MovingForwards

jazzyja said:

haras_n0sirrah said:

Help to buy will help as it will boost your deposit. 10% is almost non existent currently regardless of credit history so help to buy will help you to get past that issue 

Only problem I have is there are limited new builds in my area. How old does the house have to be? 

Has to be brand new, never lived in / owned before.

ACG

MovingForwards said:

jazzyja said:

haras_n0sirrah said:

Help to buy will help as it will boost your deposit. 10% is almost non existent currently regardless of credit history so help to buy will help you to get past that issue 

Only problem I have is there are limited new builds in my area. How old does the house have to be? 

Has to be brand new, never lived in / owned before.

This. 100% new build. The developers will tell you if it is eligible for HTB, you might even see the HTB logo on the sales stuff. 

jazzyja

ACG said:

MovingForwards said:

jazzyja said:

haras_n0sirrah said:

Help to buy will help as it will boost your deposit. 10% is almost non existent currently regardless of credit history so help to buy will help you to get past that issue 

Only problem I have is there are limited new builds in my area. How old does the house have to be? 

Has to be brand new, never lived in / owned before.

This. 100% new build. The developers will tell you if it is eligible for HTB, you might even see the HTB logo on the sales stuff. 

What do you think of boris announcement about the 95% mortgages? Do you think this will be similar but it will be a loan on any house rather than a new build? 
Last night I had a good think and il have 15% of a 90k home. I can get a decent terraced around my area for that price. I dont care the condition I can work with that. Just aslong as its in a nice area for my children. Wel just have to see how things pan out