Slightly dodgy credit history

workshy1980

Hi,
I will try not to ramble too much but here goes. About 14 mths ago, I defaulted on a store card, having always been a bit hit & miss with payments on that and other credit. This was the wake up call I needed, I have now paid back everything I owe to everyone and have not missed a payment since then. My only remaining credit is a card that I got about 6 mths ago that is now paid every month in full, before the bill even comes in. I have also saved £10000 and have just got a further £10000 from an inheritance. I would love to buy myself a flat, probably through one of the government low-cost home ownership schemes as I only earn £23000 pa with 2 jobs. My question is: How long will my, frankly, pants history be held against me for the purposes of getting a mortgage? Making my actual payments should not be too much of a problem as I am currently saving £1000pm as moved back to my parents.
Any advice would be great, thanks

Conrad

How long - cant really say, it all depends on the black art known as computer credit scoring. You'll simply have to apply to know whether or not you score is up to it.

SHARED OWNERSHIP - finance on these is generally only for those with a good credit score. Again you'll have to suck it and see.

Furthermore having a dual income will require very specific underwriting by a Human being. Do not rely on assurances given by brokers / lenders at AIP stage, as full underwriting is required here.
In particular an underwriter needs to be reassured having 2 jobs is sustainable and realistic.

workshy1980

Thanks very much for that.
I am told that applying and being turned down for a mortgage can seriously hamper recovery from a bad credit rating, is there any other way of finding out from a lender if your personal circumstances prohibit them from lending to you? Such as, I dunno, getting a copy of your credit report to discuss with a broker or lender for an in-principle indication of likelihood?
The scheme I am looking at is Ownhome, not Shared Ownership but I can only assume the principle is similar with regard to credit status.
How do I reassure the underwriter that the 2 job situation is sustainable? Is this just a case of looking at the longevity of the situation or is there more to it?