First Time Buyer help

ajames68

Hi can anyone offer some advice?
We are currently privately renting £600 a month and my wife and I are desperate to get on the housing market. Because we live in Scotland there may be a good chance we could apply for a homestake property. However we need an mortgage agreement in principle for the maximum mortgage available to us. I earn £33,000 a year and my wife is self employed with an income of approx £10,000 a year. Our current credit commitment is approx £550 a month.
Unfortunately my credit file is not great with a score of 640. The problems were in the past and consisted of a 1 default a year ago which was settled straight away and some missed payments on credit cards none in the past 6 months. No CCJ or IVA. Our current financial situation is good and stable.
We would be able to put down a deposit of approx £10,000. Are there any mortgage companies that would consider us?
Any help would be appreciated. I don't want to apply to lots of lenders and affect my credit score further.

wymondham

just out of curiosity, why are you desperate to get into the housing market when it's losing 2.5% p/m and possibly accelerating ? Your rent seems very reasonable.

You've got a good deposit building there, it would be a shame to waste it...
http://news.bbc.co.uk/1/hi/business/7424309.stm
I'd concentrate on saving hard and working on repairing the credit rating over the coming months to be in a good position when things pick up.....

Conrad

It's always hard to predict the outcome of lender credit scoring but from what you say about late card payments I think you may struggle.

Really there is only one sub prime option at the moment and that is First National (GE Money) but thier rates and fees are very high.

Sometimes I find C & G let such cases through.
Your partner will need to evidence her income via 2 or 3 years business accounts prepared by a suitably qualified Accountant.

My general advice would be for you to sit tight and save, ensure you make no more late payments.