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Getting mortgage with my situation
joseffoliver97
Posts: 12 Forumite
Hi All,
Long story short, I had money troubles growing up (18-22) and got myself in debt and CIFAS Cat 6 marker.
Thankfully I have changed my life and finances. Myself and my partner are looking at moving out in the next few months and I wanted to look at our options.
In an ideal world we will buy a house but I feel that my credit history (currently 450 credit score) and CIFAS marker will hold us back.
Will we be able to do anything about getting a mortgage - perhaps having my partner (good credit history) as the main person with me on the side? If it helps, my salary is £25k annually plus monthly bonus £1000-3000. My partners is £22k. We have around £20-25k saved.
Is there any chance of us being able to buy? And if not are we likely to have similar issues renting? I wish I could get rid of this CIFAS marker as it has ruined my life the last two years but I am stuck with it for another four.
any help much appreciated
Long story short, I had money troubles growing up (18-22) and got myself in debt and CIFAS Cat 6 marker.
Thankfully I have changed my life and finances. Myself and my partner are looking at moving out in the next few months and I wanted to look at our options.
In an ideal world we will buy a house but I feel that my credit history (currently 450 credit score) and CIFAS marker will hold us back.
Will we be able to do anything about getting a mortgage - perhaps having my partner (good credit history) as the main person with me on the side? If it helps, my salary is £25k annually plus monthly bonus £1000-3000. My partners is £22k. We have around £20-25k saved.
Is there any chance of us being able to buy? And if not are we likely to have similar issues renting? I wish I could get rid of this CIFAS marker as it has ruined my life the last two years but I am stuck with it for another four.
any help much appreciated
0
Comments
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What defaults / missed / late payments etc do you have on the credit reports, year and rounded amounts.
What CIFAS marker is it and when was it entered?
Ignore the credit score and rating, neither are used by lenders as they have their own internal algorithms for assessing applications.Mortgage started 2020, aiming to clear 31/12/2029.0 -
CIFAS Cat 6 Marker which was entered in July 2020.
I have around 10 missed or late payments and one default in 2018-2019 no CCJs.0 -
Initial mortgage bal £487.5k, current £258k, target £243,750(halfway!)
Mortgage start date first week of July 2019,
Mortgage term 23yrs(end of June 2042🙇🏽♀️),Target is to pay it off in 10years(by 2030🥳).MFW#10 (2022/23 mfw#34)(2021 mfw#47)(2020 mfw#136)
£12K in 2021 #54 (in 2020 #148)
MFiT-T6#27
To save £100K in 48months start 01/07/2020 Achieved 30/05/2023 👯♀️
Am a single mom of 4.Do not wait to buy a property, Buy a property and wait. 🤓0
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