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best way to get a mortgage

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  • best way to get a mortgage

    i apologise in advance how long this is going to be..........

    Bit of back ground information... moved from England when i was 17 and i only moved back in June 2008. Really want to buy a property of my own and I'm stuck on how to go about it. At the moment I'm in college and i should be finished my course in the next few weeks yippee.

    Once I've finished i can either get a job or go self employed. The only problem going self employed is that from what Ive heard you need at least 3 years accounts before the bank will even look at you. If i get employed then I'm going to be on minimum wage + commission which again i heard banks will only take a certain percentage of your commission i think around 40%-50%. Is this true

    Also since i moved back to England i have been getting letters from debt collection agencies saying i had store cards all over the place. Thankfully all but 1 of these i have managed to sort out. But this 1 company will not leave me alone, they insist that it was me that got the store card and ran up £500 of debt. Whats even more confusing is that repayments were made on this store card and then just stopped. I can prove that i was out of the country at the time these were made, but even though i have sent them information they are still harassing me. The last conversation i had with them i said i did not wish not have more dealings with them and to take me to court and then i could show the judge all the proof i had ( which was good enough for the other debt collection companies) they told me that they don't take people to court and if i didn't pay they would register the debt against me. Can they just do this??? It's going to be hard enough for me to get on the property ladder without a judgement against me. I was thinking of just paying it but would it still be registered against me?

    With the way the property market is at the moment is it even worth my while bothering at the moment. I was thinking if i went self employed saved up as much money as what i could and then just get a job with a company and then apply for a mortgage. How long do you have to be employed for the banks to look at you. Not that this is really relevant but when i was 17 i went to an advisor to see about buying a property once i turned 18 and he told me that you could be in a job for a week and you could get a mortgage. I know that has to of changed now but does anyone know what sort of time period i might be looking at.

    If anyone has any other ideas feel free to share.

    Thanks

  • #2
    It sounds like you will not get a mortgage in the current market due to your credit rating. Maybe you should try "Rent to Buy" ... you rent as a tenant with the option to buy later.

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    • #3
      Re the store card...

      Send an email to watchdog and also consumer direct. It might be worth you speaking to Citizens Advice as well to see if they can carry out their threat.

      If it was me and they told me that they will register a bad credit against me, I would tell them that I would sue for libel and damages and also the stress that they are causing. Wether you could do this, I don't know. (I am not a lawyer.)
      Community spirited? http://www.AshfieldFOCUS.com

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      • #4
        thanks for the advice. At the moment my credit rating is perfect it's only if this company register this dept against me.

        I'm going to look into weather i would be able to sue them. So far touch wood since the last conversation they have not been back in touch, they said i had 28 days to pay and it's been longer that 28 days and no far nothing on my credit report. Maybe they were just trying to scare me into paying. Never thought of ringing citenzens advice to see weather they actually can register this dept against me.

        Thanks for help.

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        • #5
          Hi there,

          When I applied for a mortgage they said that it would be better to be employed for at least 3 months before applying. However I have heard of people being accepted with less than 3 months full employment.
          Portugal Property for Sale

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          • #6
            Regarding the employment, it varies from lender to lender. Also, if you are in a probationary period this would cause problems. But first things first you need to sort out that debt.

            Citizens advice is a great place to start. You might have to queue for 2 hours but it will be worth it just to find out where you stand from a legal perspective. Once that is sorted out, and assumiung there is no CCJ or default registerred against you, you will need to get a job. Your salary and your deposit will determine whether or not you can get a mortgage and if so how much.

            Let uys all know if you go to the CAB and what they have to say about the matter.
            Independent Mortgage Advisor, expert in residential, buy to let, holiday let, and refinance mortgages

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            • #7
              I know someone who had been accepted with employment history of 6 months last year......
              There are different ways to get a decent mortgage, go and see a mortgage advisor

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              • #8
                Its best to wait until the credit crunch has died down, probably will start around 2010. According to recent reports, houses are due to drop at least another 9% on average until the economy recovers.

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                • #9
                  Re: best way to get a mortgage

                  With regards to employment, as said about it massively varies.

                  With self employed you will need a minimum of 1 years accounts, which normally are not produced until 18 months after you commence trading.

                  If you are employed, there is no minimum time before being employed that you need to wait. Technically speaking you do not even have to of started, just have a contract confirming your start date.

                  With regards to the store card, this will need sorting before you apply. If it is a registered form of credit, it will appear on your credit file, most likely in arrears, this will cause you problems. If you are saying it is not on your credit file, which is unlikely, then you will have no problem applying as the lenders will not see a payment history of it.

                  Best of Luck.

                  Regards,

                  Chris

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                  • #10
                    Re: best way to get a mortgage

                    There is no way that you will get a mortgage if you have bad credit, final. It gets me so angry that a company can just register a bad debt against you when ever they want and no one questions there actions. It is not fair that they can do this without any one first checking if they are within there rights to do this. I have had lots of past experience dealing with cases like yours so I hope this will help you sort your bad credit history out. You do not have to accept that they are in the right and you can get this removed as long as you can prove you were not at fault. You can apply to your local magistates court to have your adverse credit set aside. This process allows you to go infront of a judge and ask that he removes the entry from your credit file. You will have to pay a fee of aprox £80 and then a date is set where you and the company who regsitered the debt will be asked to attend the court. You will have to prove why you should not have this against you and the other side will give their reasons for their actions. Even if the debt is yours but you was not aware of this due to being out of country then you may be given 28 days to pay this and if you do the entry wil be removed. Also I have experienced in the past that the other side do not turn up at court and in every case the judge deems that they are not interested in your plight so he removes it as long as you can prove you where unaware of the debt due to being abroad. I promise you this wll work in your favour if you follow the above procedure. Also to make sure you have all the paperwork that relates to this case you are allowed to contact the other side and ask them to send you all the paperwork they have on file so that you can check what evidence they have that enabled them to post this in the first place. This is a sure fire way of creating extra work and time for them to address this and also sending some one to court at there expense. They may consider that its going to cost them to defend this and the costs to do this with the amount of debt involved is not financially viable and they then drop the case. Either way you must try this to clear your name. Best of luck

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                    • #11
                      Re: best way to get a mortgage

                      Most certainly a mortgage broker will help in most people's situations.
                      Free Guides For First Time Buyers!

                      www.FirstTimeBuyerGuru.com

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                      • #12
                        Re: best way to get a mortgage

                        Id second the opinion of Dan S with the broker suggestion. They will know the different lenders criteria for your current situation. Its also worth having a look at your credit file aswel. I cant post links yet but google search experian or equifax and they offer a free 30 day trial and you can get your report immediately from them.

                        Your original adviser was correct about the time being in work, lenders will take people on a day one basis as long as there is no probationary period and you have a contract (not all banks will though - hence the need for an adviser).
                        Anthony
                        Compare the Mortgage Market
                        http://www.comparethemortgagemarket.com

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                        • #13
                          Re: best way to get a mortgage

                          Be careful with experian and equifax though to make sure you cancel before the 30 day trial is up. They make it deliberately confusing when you want to cancel...as you might imagine, the cancellation phone number isn't emblazoned on the homepage!

                          Good luck
                          Free Guides For First Time Buyers!

                          www.FirstTimeBuyerGuru.com

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