FTB....Can I, Should I?

kittenclaws_2

Hi There
Any advice out there would be welcome.

Good earner - 80K a year / no debt (plus commission - on target OTE 120K)
First time Buyer
Got in trouble a few years ago etc.
Living with parents - not on electoral roll
Lookng for £220K mortgage - £22 deposit.

Would I secure a mortgage in this climate due to poor credit rating/electoral roll or should I hang on....? If I can of course - parents are lovely but......

Many thanks

dreamylittledream

£22 deposit?

minimike2

Depends on what you mean by poor credit. can you expand?

i would also get registered on the voters roll asap.

kittenclaws_2

Thanks - let me explain further.

Credit card debt sent to external agency but everything is paid off now.....

All clear.

I dont really want to go on the electoral roll because I am worried my parents are on pension credit etc and get various benefits and I dont want them to include my income in anything.

minimike2

Ok. Was it just a default on the credit card then or was it a CCJ? How much was it for, when was it registered and when was it satisfied?

A_Nice_Englishman

In your position I would just save up and buy a house for cash as soon as your savings are sufficient. That may be sooner rather than later if the house price crash actually happens.

kittenclaws_2

Thanks Minimike2....

No CCJ's - defaulted on 2 credit cards - paid off 2006 - 1 in 2007.
2 x £10K - stupid I know....never again

kittenclaws_2

Thanks A Nice Englishmen - not sure I can hold out that long.

I am helping out my folks currently as my father has been ill with cash etc - so need to "step away" as it were....

DaiJoA

I'd go for it - people seem to be getting pretty desperate and slicing their asking prices all over the place - it wont do any harm to speak to an IFA in the least. There are some very good bargains to be had, esp repo's. I'd bite the bullet and go for it - ccjs are fine as long as you have the certificate of satisfaction. You say you dont really want to wait so you don't really need to wait for any reason other than your parents. I'd go for it personally.

minimike2

Hmm. Could be diffucult due to the level of the defaults, but there will be some lenders willing to do it considering the fact they are satisfied.

Have you obtained a copy of your credit report to make sure they are showing as satisfied?

I would get a copy then visit a broker to look more closely at your options.