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  • FIRST POST
    • DBG81
    • By DBG81 17th Oct 16, 3:51 PM
    • 3Posts
    • 0Thanks
    DBG81
    Will we stand any chance of getting a mortgage?
    • #1
    • 17th Oct 16, 3:51 PM
    Will we stand any chance of getting a mortgage? 17th Oct 16 at 3:51 PM
    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.
Page 1
    • ap1985
    • By ap1985 17th Oct 16, 3:59 PM
    • 265 Posts
    • 106 Thanks
    ap1985
    • #2
    • 17th Oct 16, 3:59 PM
    • #2
    • 17th Oct 16, 3:59 PM
    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!
    Finally going to be a homeowner
    • ap1985
    • By ap1985 17th Oct 16, 4:00 PM
    • 265 Posts
    • 106 Thanks
    ap1985
    • #3
    • 17th Oct 16, 4:00 PM
    • #3
    • 17th Oct 16, 4:00 PM
    Also take into consideration other costs when buying...i.e. stamp duty, legal fees, furniture, insurances, bills etc..
    Finally going to be a homeowner
    • DBG81
    • By DBG81 17th Oct 16, 4:04 PM
    • 3 Posts
    • 0 Thanks
    DBG81
    • #4
    • 17th Oct 16, 4:04 PM
    • #4
    • 17th Oct 16, 4:04 PM
    Also take into consideration other costs when buying...i.e. stamp duty, legal fees, furniture, insurances, bills etc..
    Originally posted by ap1985
    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
    • By ap1985 17th Oct 16, 4:07 PM
    • 265 Posts
    • 106 Thanks
    ap1985
    • #5
    • 17th Oct 16, 4:07 PM
    • #5
    • 17th Oct 16, 4:07 PM
    Sounds like you would be in a good position to buy. Speak to a mortgage broker
    Finally going to be a homeowner
    • DBG81
    • By DBG81 18th Oct 16, 11:45 AM
    • 3 Posts
    • 0 Thanks
    DBG81
    • #6
    • 18th Oct 16, 11:45 AM
    • #6
    • 18th Oct 16, 11:45 AM
    Cheers, I will do that

    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?
    • ACG
    • By ACG 18th Oct 16, 11:50 AM
    • 13,502 Posts
    • 6,648 Thanks
    ACG
    • #7
    • 18th Oct 16, 11:50 AM
    • #7
    • 18th Oct 16, 11:50 AM
    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
    • By Neutrinno 19th Oct 16, 8:58 AM
    • 56 Posts
    • 23 Thanks
    Neutrinno
    • #8
    • 19th Oct 16, 8:58 AM
    • #8
    • 19th Oct 16, 8:58 AM

    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).
    Originally posted by ACG
    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
    • By densol 19th Oct 16, 9:41 AM
    • 1,112 Posts
    • 991 Thanks
    densol
    • #9
    • 19th Oct 16, 9:41 AM
    • #9
    • 19th Oct 16, 9:41 AM
    I wouldn't necessarily agree with that.
    Originally posted by ImRob
    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

    I live under a bridge in England
    Been a member for ten years.
    Retired in 2015 ( ill health ) Actuary for legal services.
    • amnblog
    • By amnblog 19th Oct 16, 12:21 PM
    • 8,859 Posts
    • 3,374 Thanks
    amnblog
    I wouldn't necessarily agree with that.
    Originally posted by ImRob
    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
    • By csgohan4 19th Oct 16, 1:59 PM
    • 2,602 Posts
    • 1,610 Thanks
    csgohan4
    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.
    • ap1985
    • By ap1985 19th Oct 16, 2:09 PM
    • 265 Posts
    • 106 Thanks
    ap1985
    I think Imrob is a mortgage broker too...(just saying)
    Finally going to be a homeowner
    • Thrugelmir
    • By Thrugelmir 19th Oct 16, 2:25 PM
    • 51,336 Posts
    • 43,185 Thanks
    Thrugelmir
    I wouldn't necessarily agree with that.
    Originally posted by ImRob
    A business of any king tends to be very unforgiving. Unless it's a segment of the market they are actively targeting for business.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • bamgbost
    • By bamgbost 19th Oct 16, 2:55 PM
    • 183 Posts
    • 60 Thanks
    bamgbost
    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!
    Originally posted by ap1985
    how long ago was that? Post the 2008 financial crisis?
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