A truly fucking boring thread about shitting mortgages of all things


#21

Check out these guys: http://www.firstmortgage.co.uk/ We just bought a house and would recommend their service a hundred times over. They sorted us out with a good mortgage (despite my girlfriend only working a 3-day-per-week contract and having overdraft/credit card debt) and helped us get some good insurance policies in place. Their service costs the magnificent sum of sweet f.a. to the buyer as well (they take their cut from the banks/lenders). Honestly - best recommendation you will get if buying a house.


#22

Mega, thanks for the recommendation :thumbsup:


#23

The overdraft might even be a plus. Actively servicing a line of credit will boost your credit score, not harm it.

This is why some people spread out the last few quid of their mortgage over several years: to maintain some credit to keep their score up.


#24

No idea about the share to buy bit, but we got our mortgage through London and Country (a broker) and it looks like they can help with Share to Buy mortgages: https://www.landc.co.uk/mortgage-guides/shared-ownership-mortgage/

Can’t recommend them enough, totally free to use and really helpful.


#25

I always worried because I juggled the 0% credit cards for the past 15 years, just checked noddle and I’m 5/5 because of it


#26

IT’S CHRIIIIIIIIISTMAAAAASSSSS!


#27

Cheers Nikkers :thumbsup:


#28

Just checked Noddle and I’m a 4/5. Pretty pissed off considering I have no overdraft, credit cards are paid before they’re due etc etc.


#29

So long as you keep within your overdraft limit, don’t fall behind on repayments on any cards / loans etc then you’ll be right. Credit scores generally suffer when you begin falling seriously behind / going into default.

Bad debts / CCJs remain on your file for six years - I’m a couple of months away from my final one being wiped off at long last.

But yeah, safest option is to check your score so you don’t have any nasty surprises waiting for you as and when you go down the application process.


#30

If they turn you down just start ranting at them about taxpayer bailouts and stuff (doesn’t matter which bank you approach).

I’m sure you’ll be okay though, the banks are all pretending that they’re responsible these days but in reality they’re still desperate to sell debt to anyone asking.


#31

I’m 4/5 too! Bit annoying, I thought I was pretty on top of things, aside from one credit card I’m paying off slowly.


#32

The fact that I’m 5/5 is a shocking indictment of the credit rating system


#33

As far as your credit profile goes it depends what is on their, lenders will generally go back the full 6 years but might ignore things over 3 years old and satisfied or minor blips of a more recent nature. As a general rule they use Experian or Equifax (to a lesser extent) so obtaining a report from one of these is a good starting point.

Do you have any missed payments, defaults or CCJs? If so there are still lenders out there for you but you would expect the rate and deposit required to be less attractive than your high street lenders. The actual score isn’t always a massive indicator of how good or bad things are as the lenders have there own internal scoring systems anyway and some will credit check rather than score so there is not a mysterious number you need to hit. It helps if you are on the voters roll.

If you are looking at a shared equity or ownership arrangement you may find that the part you are not effectively buying will count toward the deposit and this makes the application more attractive as the mortgage company is only in for 75% of the value and has first charge should they need to repossess, other help to buy schemes at 95% have guarantee schemes backing them provided by government which also helps. If you are buying with a partner who has a pretty good credit profile that will go a long way as well.

And yes, the adult world is insufferable generally because of all the pricks and wankers.


#34

They will fucking love you. Your credit score is principally designed to see how profitable you are - if you routinely use credit and aren’t a psycho with your credit limits (they reckon utilising 1/3 of yr limits is perfect) you’ll have a very good score :grinning: That overdraft situation is great - it gets paid every month then used up again which is nuthin but ticks for these guys.

If you’re applying for the absolute maximum you can get then they’ll probs spend a bit more time with yr actual credit file, looking at each credit agreement and maybe ask for some more info from you on some of it. You should be fine though, even a few late payments won’t do much harm (in my experience)


#35

Cheers, man. Helpful stuff :thumbsup:


#36

Where bounce u going to buy a place hun?


#37

Dunno mate, gonna be a share to buy somewhere and I can’t imagine it won’t be somewhere SE/E due to affordability as much as anything else.

It’s very speculative at this stage basically.


#38

As everyone else says check out your credit score for free. I used clear score.

As long as you don’t exceed your overdrafts I reckon you’ll be alright. The one thing that might go against is if you’ve regularly used payday loans. But don’t quote me on that.

I used a really good free mortgage broker who did most stuff for us. A friend from work recommended him. If you want his details PM me. He was really useful, and tool the hassle out of the paper work.


#39

I used a broker too and I’d recommend it (and her, in particular, she was great). They seem to know which lenders are more likely to lend to you depending on your situation. We didn’t have to pay our broker as the lender paid her once it all went through.

I must have been a bit of a challenging case because I’d never had a credit card until the month before we applied for the mortgage, I’d been working freelance for only a couple of years, and my credit score was middling at best (husband’s was maxed out, the geek). There were a few places that wouldn’t lend to us because of me being freelance but apart from that we didn’t have any problems so I’m sure you’ll be fine.


#40

Just book yourself a three hour consultation with Nationwide. I guarantee that you will never have had as much fun.