Getting a mortgage with fantastic down deposit..

[iv-tecman]

Not too sure where to turn with this as seems I’ve done all I can but still can’t get a foot on a ladder so to speak.

Brief history – had a bit of a tainted credit history. About 3 years ago cleared all my debts, sadly at a cost of having years of robbing someone to pay another, so left with defaults and marks on my credit file due to paying what I felt I could afford.. Cleared my debts by using Full and Final Settlements to some, some paid in full and one took me to court where I paid the full amount with a full and final settlement, CCJ was marked satisfied.

Ok, it was a stupid mistake, and since clearing my debts 3 odd years ago lived with cash and basic debit card ever since…

Me and my girlfriend live in a very small house, it doesn’t even have a dinning room, and we’ve had a baby (lovely little family on the go) and now we want to move on. We want a three bed home, with a nice garden for our daughter to play in, with a dinning room to have family meal times, we also want another baby in another years time before it gets a little too late for us.

We’ve saved nearly 35K – and we have a further 10K from girlfriends dad to pay for all expenses such as fees etc..

Can I get a mortgage – no…!! Despite me proving CCJ settled, all debts cleared so now we are looking at renting, and again I’ve been told I’ve got a pay six months up front – due to credit..

I’d like a mortgage, we have the deposit, we have the fee money, and we can afford the quoted mortgages based on my income. Been to a broker, can’t even get an adverse credit mortgage. Even with a fantastic LTV, as 35K is a big deposit.

Not only that, a few have stated they won’t consider me due to age. I’m nearly 40 and they say its too close to retirement and I’m a high risk on both past credit and age… Everything is going against me..

Not sure what I can do, girlfriend has her heart set on moving so very close to just forking out six months rent on a 3 bed rental.. Shame when I CAN afford the mortgage, if only someone would lend to me.

Please, no comments about –

-Well shouldn’t have wrecked your credit file
-shouldn’t borrow if you can’t afford to pay back, I did pay it back, I just ran into troubles and sorted it at a cost..

Don’t be too judgemental, I learnt a harsh lesson..!!

 

[antijoke]

6 months up front rent sounds very harsh. Was that through a letting agent or a private landlord?

 

[gjc10212]

What are the stipulations for obtaining an adverse credit mortgage? Can you plan your finances in such a way that you meet their criteria within the next 12/24 months in order for your application to be successful?

What about a local authority part rent/mortgage scheme?

 

[Haggisman]

With regards renting - can you get a guarantor at all, e.g. parents, work, etc?

I've got a worse credit history than you and I have no problems renting with a guarantor.

 

[iv-tecman]

6 months up front rent sounds very harsh. Was that through a letting agent or a private landlord?

Letting agent, haven't applied with any of them, just made enquires.. but I advised them of my past credit, well few I've spoken to and explained as I'm not a dishonest man and they say its maybe better to pay six months up front..

but I'm at a loss as to why if I do that I still need to pay for a credit check lol Typical...These range from £150 - £200 per adult.. Hmmm

Would still prefer to buy a house..

 

[antijoke]

So they haven't actually said you have to pay rent 6 months in advance, only possibly maybe?

If you have explored all avenues for a mortgage and come up blank, it would be well worth trying to apply for a rented property and see what happens, no need to mention it to the agent in the initial phase, and just let the credit check happen and see what comes out of it, you might be surprised.

I know a couple of friends who have dodgy credit history and they managed to rent no problems without anyone being a guarantor.

 

[iv-tecman]

What are the stipulations for obtaining an adverse credit mortgage? Can you plan your finances in such a way that you meet their criteria within the next 12/24 months in order for your application to be successful?

What about a local authority part rent/mortgage scheme?

They vary, and the worse it is the worse chances of getting a decent rate, some ask for 50% up front..

Generally though, anything after two years on your file is meant to be if you've got 25% or more, you should be able to get a decent ish rate - but then the one provider said no as I was too old..!!

Nationwide advised wait six years for it all to drop off, but then i'll be even older.. If I can't get a lender to lend when I'm nearly 40 then what chance do I have when I'm nearly 43, as file will be clean in another 3 years..

 

[iv-tecman]

So they haven't actually said you have to pay rent 6 months in advance, only possibly maybe?

If you have explored all avenues for a mortgage and come up blank, it would be well worth trying to apply for a rented property and see what happens, no need to mention it to the agent in the initial phase, and just let the credit check happen and see what comes out of it, you might be surprised.

I know a couple of friends who have dodgy credit history and they managed to rent no problems without anyone being a guarantor.

To be fair, I did consider doing just that... But credit checks for a mortgage haven't been too successful, so chances are rental will be the same..

However, yeah i'll give it a go.. Thankfully we've got six months rent, heck we've got a years rent saved up.. !! not the point, we wanted to buy somewhere, feel sorry for my missus.. Due to my past stupidty with credit harmed our chances..!!

 

[lookitsjonno]

Maybe you should get a credit card and build up some credit rating, buy your weekly shop and pay it off in full each month?

The fact you havent had any sort of credit since won't be a good sign.

 

[antijoke]

Maybe you should get a credit card and build up some credit rating, buy your weekly shop and pay it off in full each month?

That's all very well saying that, but from his past situation he may not:

A) want a credit card
B) Be able to get one

 

[Haggisman]

That's all very well saying that, but from his past situation he may not:

A) want a credit card
B) Be able to get one

I got a Vanquis card 12 months after being discharged from bankruptcy.

It's only got a £250 limit, and the rate is dire, but, as lookitsjonno said, perfect for paying for the weekly shopping and paying off in full each month to build up your credit rating again.

 

[snave]

I'm not sure what mortgage companies you've tried but I managed to get one from Halifax and I have a somewhat similar credit history to you.

I'd recommend joining the creditexpert website to double check everything is in order on your credit history.

If it's just you messing up the credit score for the mortgage you could always just try it in your other half's name depending on her incoming. The other choice of course is to have parents buy the house and you pay the mortgage. You can have custom legal documents drawn up to this affect but it's a lot to ask really.

 

[subbytna]

6 months up front rent sounds very harsh. Was that through a letting agent or a private landlord?

This also could easily be a landlord in financial difficulties and needing money to pay off arrears in their mortgage...avoid this like the plague!

 

[iv-tecman]

Maybe you should get a credit card and build up some credit rating, buy your weekly shop and pay it off in full each month?

The fact you havent had any sort of credit since won't be a good sign.

I’d prefer to never have credit in my life ever again, only reason I want to get a mortgage is to have our own little family home to bring our daughter and possibly another baby up…

We aren’t asking for much, just three bedrooms and a nice garden with a kitchen /diner and a living area, if I could afford the whole purchase price in cash, I’d pay cash..

Heck, I’d never get another car loan, since ridding myself of credit three years ago my disposable income tripled. We regularly save £300- £400 a month…

But yes, getting a credit card to build a credit history is what one broker recommended, but not even capitol one with their credit builder card would provide, I applied..

Thing is, too many credit searches looks bad on an already tainted file.. I’ve done as much credit repair as I can, MBNA refuse to update their records on my file and say debt settled, still says owing despite me clearing this years ago with DCA using full and final settlement.. Got proof of payment as well..

 

[iv-tecman]

I'm not sure what mortgage companies you've tried but I managed to get one from Halifax and I have a somewhat similar credit history to you.

I'd recommend joining the creditexpert website to double check everything is in order on your credit history.

If it's just you messing up the credit score for the mortgage you could always just try it in your other half's name depending on her incoming. The other choice of course is to have parents buy the house and you pay the mortgage. You can have custom legal documents drawn up to this affect but it's a lot to ask really.

Hmmm ok sadly girlfriend doesn't work. Her parents have thousands in the bank, we did consider asking them if they'd buy us a home and we'd pay them back... Knowing my girlfriends dad, he'd say yes but I'd really like to do this myself if possible..

did you get your mortgage sub prime, or after the so called credit crunch?

 

[lookitsjonno]

I’d prefer to never have credit in my life ever again, only reason I want to get a mortgage is to have our own little family home to bring our daughter and possibly another baby up…

I know what you mean, we all learn the hard way. Although I never got into any serious debt I had a car loan and said afterwards "never again". The issue is you have a good deposit but the lenders cannot trust that you are capable of repaying the debt. By having a credit card and using it responsibly you will build up a credit file and lenders will be more happy to lend to you.

 

[iv-tecman]

I got a Vanquis card 12 months after being discharged from bankruptcy.

It's only got a £250 limit, and the rate is dire, but, as lookitsjonno said, perfect for paying for the weekly shopping and paying off in full each month to build up your credit rating again.

Looking at this right now... I do not care about going rate, or credit limit. I only want this to up my credit score...

Guess I'll have to rent for 12 months, and pray I can still get a mortgage, I'll apply for the card in three months time, just too many searches on my file right now.. Too many searches goes right against you.

Then if I get it, give the card to the missus, she can use it for weekly shopping and pay it off IN FULL each month..

does a mobile phone contract help credit? Got a mobile phone contract, its on my file as up to date and green ticks being made on my file..

 

[snave]

Hmmm ok sadly girlfriend doesn't work. Her parents have thousands in the bank, we did consider asking them if they'd buy us a home and we'd pay them back... Knowing my girlfriends dad, he'd say yes but I'd really like to do this myself if possible..

did you get your mortgage sub prime, or after the so called credit crunch?

I bought my house in May last year so very much during the credit crunch. Needed a 15% deposit but that was about the worst of it, in fact our mortgage advisor said the absolute worst case scenario would have been a 20% deposit and a less than amazing interest rate for a year but a mortgage was always on the table.

I'd recommend going to one of the advisors they have in an estate agents as whilst they are independant they are there to help sell houses and will do everything possible to get you a mortgage.

 

[The Halk]

Please, no comments about –

-Well shouldn’t have wrecked your credit file
-shouldn’t borrow if you can’t afford to pay back, I did pay it back, I just ran into troubles and sorted it at a cost..

Don’t be too judgemental, I learnt a harsh lesson..!!

You want advice yet you don't want it mentioned what you've done?

You borrowed money and didn't pay it back. You had to be taken to court and forced to take it back.

No lender in their right minds would ever lend to you again, however if you wait long enough it'll be gone from your credit history.

In the mean time you have no grounds to complain about it. I think it's 6 years you need to wait for it to disappear.

Disposing of debt in this country is far too easily done, and it's normal people like me who end up paying way over the odds to support people like you who are irresponsible.

I would have sympathy for you if you didn't come across with the attitude that you've learned a harsh lesson and that you don't want to hear about it.

You have no entitlement to credit whatsoever, every lender is entitled to make a decision on things, and I think it's completely understandable that you don't get one.

 

[iv-tecman]

snip

Just who the hell do you think you are, you've got absolutely no idea on my background, how hard i worked to dig myself out of the credit mess I was in. you have no idea what I had to do, no idea what it meant to be in such a mess and no idea how I got there in the first place.

You have absolutely no right to post such a scathing attitude towards me, and you have no right to speak to me like that.

Now you've said your bit, been an internet tough guy and you feel better for it, don't bother posting again in this thread and move along..!!

This forums like *********... Everyones got one.. !!