Getting a mortgage with fantastic down deposit..
- Thread starter iv-tecman
- Start date
If you've managed to save 35k in three years why not wait a little longer, have more of a deposit, even less of a Mortgage and at a better rate?
well, to be fair in your original post, you sounds that you're ****ed off that no mortgage companies will lent you big money. i mean come on. let ask this to yourself. imagine you're a banker. WOULD you lent large money to anyone who had CCJ/forced to pay back by the court?
bad credit rating will stay with you for very long time. i have no idea how long thou. but i reckon it'll be very hard to get rid of it properly if ever.
have you tried higher risk mortgage companies like a loan shark ?
bad credit rating will stay with you for very long time. i have no idea how long thou. but i reckon it'll be very hard to get rid of it properly if ever.
have you tried higher risk mortgage companies like a loan shark ?
agree. which probably why the OP got into debt at first place.
I am not sure how CCJ's work... but generally if you can prove a good Credit History in the past three years then Defaults over three years of age are overlooked... otherwise you will be waiting the whole six years before you can apply for credit.
I have a default on my credit file from t-mobile (who aren't even regulated under the consumer credit act so how they can issue a default is beyond me)... anyway this is for £1.47 and was incurred after I underpaid my final settlement by mistake... I later moved and thus did not get any of their letters... you can imagine my shock when two years later I got turned down for a mortgage due to an unsatisfied default.. I couldn't get a mortgage for a further 18 months and t-mobile has been the biggest bunch of ********* going and won't even remove the default after an honest mistake over £1.47.. A default is a default doesn't matter if its for £1.47 or £50K you will fail the intital credit score if its under 3 years old.
I got my mortgage from Yorkshire Building Society on a very competitive rate with a 15% deposit around two years ago.. I did have to jump through some extra hoops but generally as the under-writer at Yorkshire was explaining if the default is over 3 years old and you have good history since then.. you are generally ok..
Your best bet is to try and build up clean credit accounts... so bank accounts with overdrafts, credit cards, mobile phones, hire purchase etc... I use checkmyfile which will show all the reports from the different agencies and give you some idea of how you are 'viewed' by lenders.. remember there is also a difference between your public credit file (the one check say for a rent agreement) and your private credit file (the one checked by a mortgage lender or credit card company).. My public profile is immaculate... the default on my private profile seriously effects my credit score.. even though I have numerous other 'clean' long standing credit accounts with no missed payments in years..
I have a default on my credit file from t-mobile (who aren't even regulated under the consumer credit act so how they can issue a default is beyond me)... anyway this is for £1.47 and was incurred after I underpaid my final settlement by mistake... I later moved and thus did not get any of their letters... you can imagine my shock when two years later I got turned down for a mortgage due to an unsatisfied default.. I couldn't get a mortgage for a further 18 months and t-mobile has been the biggest bunch of ********* going and won't even remove the default after an honest mistake over £1.47.. A default is a default doesn't matter if its for £1.47 or £50K you will fail the intital credit score if its under 3 years old.
I got my mortgage from Yorkshire Building Society on a very competitive rate with a 15% deposit around two years ago.. I did have to jump through some extra hoops but generally as the under-writer at Yorkshire was explaining if the default is over 3 years old and you have good history since then.. you are generally ok..
Your best bet is to try and build up clean credit accounts... so bank accounts with overdrafts, credit cards, mobile phones, hire purchase etc... I use checkmyfile which will show all the reports from the different agencies and give you some idea of how you are 'viewed' by lenders.. remember there is also a difference between your public credit file (the one check say for a rent agreement) and your private credit file (the one checked by a mortgage lender or credit card company).. My public profile is immaculate... the default on my private profile seriously effects my credit score.. even though I have numerous other 'clean' long standing credit accounts with no missed payments in years..
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In your circumstances Pneumonic you can have a notice of correction put on your credit file which obliges lenders to look at it manually. They may be more strict than normal, however if it's £1.47 then most should ignore it.
I have written to t-mobile and equifax numerous times in an attempt to get it removed... the notice of correction will only stand whilst its being investigated and that has happened and t-mobile are 'within their rights' not to withdraw the default as it was correctly issued (a point I have never disputed).. I even had a phone conversation with the head of their customer service in the UK (after badgering him over e-mail for six months!).. but 'company policy' and all the jazz.. The guy at equifax said it was quite common especially for mobile phone companies to be such complete idiots over it..
Anyway back to the OP.. you might have more luck using a lender that you have history with such as your bank.. I certainly think it's worth trying to build a credit history..
It is also worth checking to make sure that the defaults were issued within the regulations (loads of info on the net about this... might not be morally right?! but you might get some joy on the default front) as you might be able to get them removed... It's worth asking the credit agency to investigate a default because if the company in question doesn't respond within I believe 30 days then they will remove it from your file if you have disputed it..
Anyway back to the OP.. you might have more luck using a lender that you have history with such as your bank.. I certainly think it's worth trying to build a credit history..
It is also worth checking to make sure that the defaults were issued within the regulations (loads of info on the net about this... might not be morally right?! but you might get some joy on the default front) as you might be able to get them removed... It's worth asking the credit agency to investigate a default because if the company in question doesn't respond within I believe 30 days then they will remove it from your file if you have disputed it..
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Indeed.. but rules are rules I guess.. anyway it falls of my report in just over 3 months so happy days then... and I got the mortgage in the end was just a lot more hassle and had to wait till the three year mark
well, to be fair in your original post, you sounds that you're ****ed off that no mortgage companies will lent you big money. i mean come on. let ask this to yourself. imagine you're a banker. WOULD you lent large money to anyone who had CCJ/forced to pay back by the court?
bad credit rating will stay with you for very long time. i have no idea how long thou. but i reckon it'll be very hard to get rid of it properly if ever.
have you tried higher risk mortgage companies like a loan shark ?
Well, wouldn't 'lent' but might consider 'lending' if full explanation was provided. Not all CCJ's are what you might think..
Oh yes, I know, lets not pay, ignore all letters and hope it goes away.. Or a company you're dealing with accepts a payment agreement - to then sell the debt on, not bother chasing correctly or tell me, I continue to pay the debt, only to then find out court action been applied for next thing I know a CCJ is on my door mat.. And yes, they do issue a court notice without you even knowing, too much to go into but I wasn't forced, and anyhow a CCJ means nothing other than you're ordered to pay a set amount the court decides based on your budget, and if you don't pay the set amount, the creditor has to apply again.. some don't even bother to chase if the debtor doesn't pay a CCJ, however I did pay, within 30 days actually, I offered a settlement offer and they accepted..
and a CCJ is removed from your file from 6 years from the DATE it is issued, not when its been completed or settled unless settled within 30 days and you can apply for it to be removed or set aside. Mine is set aside as it was settled within 30 days...
I'm not ashamed of anything, i'm proud I repaid my debts, I'm proud me and my girlfriend have saved a lot of money in the past few years, and I don't think a bank owes me anything, however I do feel I should be given a second chance - not for a car loan or anything like that, but for a house, for a family... I made a mistake years ago, I fixed that mistake, 3 years later i'm debt free, saved money and know the dangers of credit...
how does this make me a **** with a bad attitude??
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Soldato
Tbh just keep renting and saving, if you want stability then see if your landlord/letting agency will look at 18 or 24 month leases in exchange for a lower rent. House prices or interest rates aren't going anywhere in the next year or so IMO so you may as well rent privately and keep saving up - your credit score will only improve as will your deposit if you are managing to save as you are right now.
Caporegime
Either way it's not really 'by yourself', so wouldn't it be better to lend from her parents, and pay back at the the going interest rate to show you are not just using them? You benefit, they benefit, and the banks get nothing.
We are considering using the bank of mum and dad, we are viewing properties for rent today and all Sat, I’ve got six months rent as my understanding very few landlords or agents turn away a tenant with six months advance so all else fails we’ll rent six months in front at a time…
I 100% know my gf’s dad will, and can buy us a home. He has a lot of money but I’m worried my gf will say no simply as he’s a controlling bugger at times and she wants us to do this on our own.. My belief is to never refuse good solid help so maybe it’s an option…
Soldato
Not wanting to hijack your thread iceman (I hope you find a solution!), but since we have people in here who are clued up on such things, I also have an issue related to debt and credit rating:
About a year ago I got a pair of letters through my door demanding around £550 for missed gas and electric payments. These were dated from early 2010, and are from an energy company that I've never been with (Atlantic) at a property I've never lived in - though they are in my name (first name and surname). Clearly they are not actually my debts, and are a consequence of me having a fairly common name.
Anyway, I wrote to the debt agency, and after a large number of emails and recorded-delivery letters (I refuse to speak to them on the phone as there is no formal evidence of anything discussed) they agreed not to contact me again, though they stopped short of admitting that they had made a mistake. At that time I thought the issue was resolved, but a couple of months later I got near-identical letters from a different debt collection agency. Clearly the first company had sold on the debt "with a lead" (i.e. me). So, I went through the whole thing again, this time being very clear that they should not sell on the debt again. Now, this week, I have received letters from a third company about the same debt!
Is there anything I can do to stop my details being associated with this debt, which is being constantly sold from company to company? The thing is playing havoc with my credit rating, but I can't seem to get rid of it. I'd almost be better off paying the damn thing myself, but I flat-out refuse to pay someone else's debt...
Any suggestions?!
About a year ago I got a pair of letters through my door demanding around £550 for missed gas and electric payments. These were dated from early 2010, and are from an energy company that I've never been with (Atlantic) at a property I've never lived in - though they are in my name (first name and surname). Clearly they are not actually my debts, and are a consequence of me having a fairly common name.
Anyway, I wrote to the debt agency, and after a large number of emails and recorded-delivery letters (I refuse to speak to them on the phone as there is no formal evidence of anything discussed) they agreed not to contact me again, though they stopped short of admitting that they had made a mistake. At that time I thought the issue was resolved, but a couple of months later I got near-identical letters from a different debt collection agency. Clearly the first company had sold on the debt "with a lead" (i.e. me). So, I went through the whole thing again, this time being very clear that they should not sell on the debt again. Now, this week, I have received letters from a third company about the same debt!
Is there anything I can do to stop my details being associated with this debt, which is being constantly sold from company to company? The thing is playing havoc with my credit rating, but I can't seem to get rid of it. I'd almost be better off paying the damn thing myself, but I flat-out refuse to pay someone else's debt...
Any suggestions?!
Soldato
6 months is standard practice I'm afraid.
My only advice is for you to build up and repair your credit history, take out small loans and pay them back, use a credit card (if you can) etc. It's not easy and won't be quick. If over a time you can show you have borrowed money and paid it back your credit score will go up and you will be able to borrow more. You might also want to take a look at your credit score on experian (SP?).
Not wanting to hijack your thread iceman (I hope you find a solution!), but since we have people in here who are clued up on such things, I also have an issue related to debt and credit rating:
About a year ago I got a pair of letters through my door demanding around £550 for missed gas and electric payments. These were dated from early 2010, and are from an energy company that I've never been with (Atlantic) at a property I've never lived in - though they are in my name (first name and surname). Clearly they are not actually my debts, and are a consequence of me having a fairly common name.
Anyway, I wrote to the debt agency, and after a large number of emails and recorded-delivery letters (I refuse to speak to them on the phone as there is no formal evidence of anything discussed) they agreed not to contact me again, though they stopped short of admitting that they had made a mistake. At that time I thought the issue was resolved, but a couple of months later I got near-identical letters from a different debt collection agency. Clearly the first company had sold on the debt "with a lead" (i.e. me). So, I went through the whole thing again, this time being very clear that they should not sell on the debt again. Now, this week, I have received letters from a third company about the same debt!
Is there anything I can do to stop my details being associated with this debt, which is being constantly sold from company to company? The thing is playing havoc with my credit rating, but I can't seem to get rid of it. I'd almost be better off paying the damn thing myself, but I flat-out refuse to pay someone else's debt...
Any suggestions?!
I would recommend contacting the FOS - http://www.financial-ombudsman.org.uk/
You can speak to them over the phone, lay out your problem and provide them with any documentation you have that clears your name. The good thing with the FOS is even if they aren't the people to help you, they will know who you need to contact and will provide you with details.
I'd also recommend scanning / emailing those documents to yourself so you have a digital copy in addition to the physical one, will make things much easier to pass around copies when needed.
Soldato
at approaching 40, the max mortgage you'll get will be 25 yrs
i'd seriously consider taking your other half's option up that her dad is offering as it could be your only route. you may think you deserve a second chance, banks (especially these days) are not so forgiving.
i'd seriously consider taking your other half's option up that her dad is offering as it could be your only route. you may think you deserve a second chance, banks (especially these days) are not so forgiving.
Letting agency I have just took a let out with didn’t seem too bothered about past credit history… When I filling the form in it asked about adverse credit, I ticked yes to this and its all apparently gone though just fine and I pick the keys up today – so we are moving.
To be fair to myself, CCJ has been settled for years, in fact in another 28 months it’ll drop off my file anyhow. Agency I took the let out with didn’t ask me about it, didn’t ask for anything in fact other then proof of earnings, payslip and bank statement to show I’ve been paying rent in timely fashion for the place I’m living in at the moment and references.
So, I’m happy enough with this for the time being. It’s a 2 – 3 year old three bed house with dining room, fitted kitchen with dishwasher, fantastic fully tiled bathroom and on suite shower room, dressing room, built in wardrobes, two double rooms, single room and completely wooden floored everywhere apart from kitchen and bathroom which is tiled. Even got a garage and off road parking.. Simply move in and that is it, place is fully decorated and we are really happy to be moving..
Despite the fact one or two thought I was a scumbag money dodger, I paid my debts and I paid the price, but seems some lettings agents aren’t too fussed provided you prove you can pay the rent… Next stage is to rebuild some credit history and see how best to eventually buy a three bed house..
Many thanks to those who did provide some constructive comments, the ones who didn’t well – enjoy your lives, hope nothing ever happens to you which means you end up neck deep in money troubles…!! Much…
To be fair to myself, CCJ has been settled for years, in fact in another 28 months it’ll drop off my file anyhow. Agency I took the let out with didn’t ask me about it, didn’t ask for anything in fact other then proof of earnings, payslip and bank statement to show I’ve been paying rent in timely fashion for the place I’m living in at the moment and references.
So, I’m happy enough with this for the time being. It’s a 2 – 3 year old three bed house with dining room, fitted kitchen with dishwasher, fantastic fully tiled bathroom and on suite shower room, dressing room, built in wardrobes, two double rooms, single room and completely wooden floored everywhere apart from kitchen and bathroom which is tiled. Even got a garage and off road parking.. Simply move in and that is it, place is fully decorated and we are really happy to be moving..
Despite the fact one or two thought I was a scumbag money dodger, I paid my debts and I paid the price, but seems some lettings agents aren’t too fussed provided you prove you can pay the rent… Next stage is to rebuild some credit history and see how best to eventually buy a three bed house..
Many thanks to those who did provide some constructive comments, the ones who didn’t well – enjoy your lives, hope nothing ever happens to you which means you end up neck deep in money troubles…!! Much…