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  • FIRST POST
    • Kf2017
    • By Kf2017 19th Apr 17, 4:32 PM
    • 2Posts
    • 1Thanks
    Kf2017
    First time - really need help please
    • #1
    • 19th Apr 17, 4:32 PM
    First time - really need help please 19th Apr 17 at 4:32 PM
    Hi

    So me and my husband tried to get a mortgage in 2011. No luck at all.

    Current situation is fairly bad credit with outstanding defaults (due to high rents/childcare and poor attitude in the aftermath of mortgage rejection). Outstanding debts of about 9k. These can be satisfied but will compromise deposit amount. Joint income is around £50k.

    We can get a mortgage together of between 15-20k.

    Is it impossible? Will anyone out there give us a mortgage? Should we give up and concentrate on becoming debt free?

    Thanks for any advice
Page 1
    • Kf2017
    • By Kf2017 19th Apr 17, 4:33 PM
    • 2 Posts
    • 1 Thanks
    Kf2017
    • #2
    • 19th Apr 17, 4:33 PM
    • #2
    • 19th Apr 17, 4:33 PM
    Sorry should say deposit 15-20k
    • hounsehunterftb
    • By hounsehunterftb 19th Apr 17, 4:58 PM
    • 109 Posts
    • 71 Thanks
    hounsehunterftb
    • #3
    • 19th Apr 17, 4:58 PM
    • #3
    • 19th Apr 17, 4:58 PM
    Its worth trying. Debt isn't a problem if you declare it in your monthly out goings. But a good credit history normally aids in such cases.

    You say you have a bad credit history with defaults. However your combined salary isn't too bad. I would definitely give it a try and contact a mortgage broker who would suggest you the correct products.

    Before you start with your house hunt, its important to get DIP. That would exactly tell you the sort of amount you would be getting the mortgage of. This would help you get an idea of budget you are looking at for your house hunt. Just be truthful and straight forward.

    You never know. Something might just click this time. All the best!
    • Dogbooks
    • By Dogbooks 19th Apr 17, 7:25 PM
    • 19 Posts
    • 31 Thanks
    Dogbooks
    • #4
    • 19th Apr 17, 7:25 PM
    • #4
    • 19th Apr 17, 7:25 PM
    I'd recommend you and your husband having a look at your credit report (if you haven't already) to check out your score and see where you can improve.

    It may be better than you believe- in which case there shouldn't be anything to stop you buying when you're ready. If it isn't as good as you had hoped for the report shows which areas you can improve on e.g. signing onto the electoral register, making regular payments- by completing these actions you'll look more attractive to lenders.

    As hounsehunterftb said totally worth talking to a mortgage broker- you can advise them of your situation. We went to a broker who did a soft credit search to see what products could be available for us.

    I don't think they would turn you down for debt if you show you are paying it off gradually and you show you can afford to pay off the debt and afford the mortgage at the same time

    Best of luck and keep us posted!
    Goals for 2017:
    • Complete purchase of house
    • Save emergency fund- £950/ £9300
    • Thrugelmir
    • By Thrugelmir 19th Apr 17, 8:29 PM
    • 53,380 Posts
    • 45,969 Thanks
    Thrugelmir
    • #5
    • 19th Apr 17, 8:29 PM
    • #5
    • 19th Apr 17, 8:29 PM
    If you can raise a deposit. Why can't you clear your debts (in the process settling your defaults). Thereby putting yourselves in a position of moving forward.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • ACG
    • By ACG 19th Apr 17, 8:52 PM
    • 14,720 Posts
    • 7,374 Thanks
    ACG
    • #6
    • 19th Apr 17, 8:52 PM
    • #6
    • 19th Apr 17, 8:52 PM
    Having debt is not a problem in the main. It is a touch on the high side, but not the end of the world.

    In terms of your defaults, can you just list them individually like this:
    Amount,
    Date registered,
    What it was for (credit card, phone bill etc).

    In theory it could be achievable, but the devil is in the detail.
    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.
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