Advice poor credit and 5% deposit mortgage

Orees

Hii All

Looking for advise. 

My current credit score is poor. I am currently living in a London Living Rent flat which means low rent for 3 years. This gives me the ability to save to buy a house.

i read about the 5% mortgage that runs out in December 2021. From reading other forums i think i wont be able to get a 5% mortgage with my situation. I am then thinking should i do help to buy before it end and get on the ladder and in 5 years (defaults clear) seek to sell and buy a property then? 

My situation at the moment
Defaults dates
July 2017
September 2017
and 2 in August 2018

all due to moving houses and not receiving the bill to my new address. 

They are all paid off at the time.

im 1500 in overdraft with Lloyds 
2 credit cards which are total of 1000 balance

My overdraft and credit cards will be paid off this month. Will this make a change on my credit score or it will remain poor due to the defaults?

no missed payments or other things on my credit file

Thanks!!

Emmia

If the deal ran out in December last year, you're too late...

ACG

There are 95% mortgages around still. 
You will probably struggle to pass high street credit scoring but there might be other options. 

Dont worry about your credit score. 
Get your credit report and speak to a good experienced broker. 

Orees

Emmia said:

If the deal ran out in December last year, you're too late...

No its not

“The scheme opened on Monday 19 April and will run until December 2022. The mortgage guarantee scheme is similar to the 5% Help to Buy Government-backed mortgage scheme, which operated between 2013 and 2017. Participating lenders have to offer five-year fixed mortgages as part of their range of 95% LTV products.”

Orees

Thanks. I have an appointment in March but dont know if they can help. I told them my situation so lets see.. 

ACG

March? Thats 5 weeks away, surely better to speak to someone this week or next and then at least you know whether to put it to bed or not. 

Mahsroh

Orees said:

Emmia said:

If the deal ran out in December last year, you're too late...

No its not

“The scheme opened on Monday 19 April and will run until December 2022. The mortgage guarantee scheme is similar to the 5% Help to Buy Government-backed mortgage scheme, which operated between 2013 and 2017. Participating lenders have to offer five-year fixed mortgages as part of their range of 95% LTV products.”

Your original post referred to December 2021 (presumably a typo). I think this is where the confusion comes from. 

Orees

Mahsroh said:

Orees said:

Emmia said:

If the deal ran out in December last year, you're too late...

No its not

“The scheme opened on Monday 19 April and will run until December 2022. The mortgage guarantee scheme is similar to the 5% Help to Buy Government-backed mortgage scheme, which operated between 2013 and 2017. Participating lenders have to offer five-year fixed mortgages as part of their range of 95% LTV products.”

Your original post referred to December 2021 (presumably a typo). I think this is where the confusion comes from. 

Oh yes a typo is 2022 😅

Emmia

Orees said:

Emmia said:

If the deal ran out in December last year, you're too late...

No its not

“The scheme opened on Monday 19 April and will run until December 2022. The mortgage guarantee scheme is similar to the 5% Help to Buy Government-backed mortgage scheme, which operated between 2013 and 2017. Participating lenders have to offer five-year fixed mortgages as part of their range of 95% LTV products.”

I quoted the OP - who has now indicated that it was a typo... which is what I thought, but still good to check.