1st time buyer, terrible history, any hope?
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savingforahouse
Posts: 1 Newbie
Long story short we have had a very difficult time in the past personally and financially and poor decisions made at the time reflect VERY badly on our credit reports.
A brief view of our financial status - We have no debt at all, every thing is paid off and credit cards are paid off in full each month (just use them for 1 essential purchase a month and just pay off) We have £25k to put into a mortgage and are looking at houses around £100k.
Joint income is £33k and we also receive £410p/m in DLA for a disabled child which I have read some lender may take into consideration with affordability (with out blaming him or intentionally making excuses this is where a lot of our financial history problems stem from, not being able to work at the time due to his care needs and an unawarding battle for dla)
Now the VERY bad part - between us we have 6 defaults and 3 ccjs :eek: These are all settled. Mostly along time ago and the last 2 during this year.
as follows
Jan 2013, DF, £571
April 2013 CCJ £156
July 2013 CCJ £359
Feb 2014 DF £134
Oct 2014 DF £307
May 2015 DF £864
July 2015 DF £144
August 2016 CCJ £359 (the debt was from 2014 during a house move - letters went to old house - paid off in jan this year when saw on credit report)
Feb 2017 DF £345
These are mostly utility and mobile phones with the exception of the one from this year which is a credit card that husband got last summer "to build credit score" and didnt bother setting up a direct debit or opening his post :mad: I paid that off in march when i saw a nasty looking letter drop through the letter box.
I am aware we need a broker for any chance at all and that it will be a specialist lender (my own research is pointing me to pepper homeloans) so does any one think there is a chance in hell of a mortgage? Im asking here before visiting the broker to save the face to face embarrassment if its a no and come back in 6 years kind of case! In an ideal world we would love to apply by the end of this year in hope of having a garden for our son for next spring as our current rented home isnt really that great for his growing needs.
Thanks for any comments :beer:
A brief view of our financial status - We have no debt at all, every thing is paid off and credit cards are paid off in full each month (just use them for 1 essential purchase a month and just pay off) We have £25k to put into a mortgage and are looking at houses around £100k.
Joint income is £33k and we also receive £410p/m in DLA for a disabled child which I have read some lender may take into consideration with affordability (with out blaming him or intentionally making excuses this is where a lot of our financial history problems stem from, not being able to work at the time due to his care needs and an unawarding battle for dla)
Now the VERY bad part - between us we have 6 defaults and 3 ccjs :eek: These are all settled. Mostly along time ago and the last 2 during this year.
as follows
Jan 2013, DF, £571
April 2013 CCJ £156
July 2013 CCJ £359
Feb 2014 DF £134
Oct 2014 DF £307
May 2015 DF £864
July 2015 DF £144
August 2016 CCJ £359 (the debt was from 2014 during a house move - letters went to old house - paid off in jan this year when saw on credit report)
Feb 2017 DF £345
These are mostly utility and mobile phones with the exception of the one from this year which is a credit card that husband got last summer "to build credit score" and didnt bother setting up a direct debit or opening his post :mad: I paid that off in march when i saw a nasty looking letter drop through the letter box.
I am aware we need a broker for any chance at all and that it will be a specialist lender (my own research is pointing me to pepper homeloans) so does any one think there is a chance in hell of a mortgage? Im asking here before visiting the broker to save the face to face embarrassment if its a no and come back in 6 years kind of case! In an ideal world we would love to apply by the end of this year in hope of having a garden for our son for next spring as our current rented home isnt really that great for his growing needs.
Thanks for any comments :beer:
0
Comments
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You should have options with a 15% deposit.
Well done on finding pepper, I would argue a lot of brokers have never even come across them yet.
Pepper are a new lender but I have a lot going through them. They are getting better.
Speak to a broker and you should be fine.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I don't think pepper will take the dla, but they will go to 4.5 income.
Just to add, I am not saying pepper will accept you. I do not have enough info, I am saying there are possibly a few options depending on the finer details.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Definitely try Pepper, this is their sort of thing all day longI am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I would probably reword your post.Definitely try ...., this is their sort of thing all day long
As we work in a regulated industry, this sort of thing is a claims management companies wet dream. If it gets declined your opening yourself up to VentureMM said this....
You do not have a copy of the credit report or factfind. You can not say for sure who will accept a case.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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