Will we stand any chance of getting a mortgage?

DBG81
DBG81 Posts: 3 Newbie
in Mortgages & endowments
Hi guys,

My Fiancee and I are looking at getting on the housing market soon. to cut a long story short, I USED to have defaults on my file, but they dropped off last month.

She is squeaky clean. We both earn good money and have over 10% deposit saved up. We would be looking to borrow around 4 times our wages (house prices are not cheap down in the South :( )

My dad (who fully owns his house) has offered to be a guarantor, would this make a difference? I know I will need to speak with a broker.

Is this going to be a big ask?

Thank you.
«1

Comments

  • ap1985
    ap1985 Posts: 325 Forumite
    I don't see why you wouldn't be considered for a mortgage. I had defaults and a CCJ on my credit file and still managed to get a mortgage. I would recommend speaking to a mortgage broker and they will be able to advice you of your options. Stay positive!
    :jFinally going to be a homeowner:T
  • ap1985
    ap1985 Posts: 325 Forumite
    Also take into consideration other costs when buying...i.e. stamp duty, legal fees, furniture, insurances, bills etc..
    :jFinally going to be a homeowner:T
  • DBG81
    DBG81 Posts: 3 Newbie
    ap1985 wrote: »
    Also take into consideration other costs when buying...i.e. stamp duty, legal fees, furniture, insurances, bills etc..

    Thank you for your replies.

    We have also saved up the stamp duty and legal fees for the maximum value of house we are likely to be able to afford. We have furniture and we already pay bills and insurance, though I expect it to go up a little. We earn around £80k a year between us so should be reasonably OK.

    We are looking at max £325k houses, with a deposit of at least £33k
  • ap1985
    ap1985 Posts: 325 Forumite
    Sounds like you would be in a good position to buy. Speak to a mortgage broker :)
    :jFinally going to be a homeowner:T
  • DBG81
    DBG81 Posts: 3 Newbie
    Cheers, I will do that :beer:

    Do you think it best to speak to a normal broker or one who specialises in my situation?

    Also, do any of our friendly brokers have anything else to add? :money:
  • ACG
    ACG Posts: 23,713 Forumite
    First Anniversary Name Dropper First Post I've helped Parliament
    Get all 3 copies of your credit reports - equifax, experian and noddle.
    Sometimes they display different things.

    Assuming the defaults are 6 years old you should be fine. Sometimes it can be worth avoiding the companies you defaulted with (ie if you have a default with RBS then you might want to avoid RBS and Natwest).

    But I do not think you will have toomany issues based on what you have said.
    I 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.
  • Neutrinno
    Neutrinno Posts: 310 Forumite
    First Anniversary Name Dropper Photogenic First Post
    ACG wrote: »

    Sometimes it can be worth avoiding the companies you defaulted with (ie if you have a default with RBS then you might want to avoid RBS and Natwest).

    I wouldn't necessarily agree with that.
    I am a Mortgage Broker.

    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.
  • densol_2
    densol_2 Posts: 1,189 Forumite
    ImRob wrote: »
    I wouldn't necessarily agree with that.

    We have seen lots examples of this situation reported on this site over the years. Why take the risk ?
    Stuck on the carousel in Disneyland's Fantasyland :D

    I live under a bridge in England
    Been a member for ten years.
    Retired in 2015 ( ill health ) Actuary for legal services.
  • amnblog
    amnblog Posts: 12,430 Forumite
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    ImRob wrote: »
    I wouldn't necessarily agree with that.

    Why not Rob. Like ACG we have seen cases when ancient defaults with X bank have lead to declines from the same Group 6+ years down the line.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
  • csgohan4
    csgohan4 Posts: 10,587 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Amnblog and ACG are brokers and do this for their job, can you justify what you said Imrob and not base your comments on anecdotal evidence.
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
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