Shared Ownership mortgage with defaults

welshboy26

I have found a property i really like and want to buy at a good price!

My credit isnt the best altho not the worst either! i have 2 defaults one for only around £100 in 2004 and other in jan 2007 for around £500.

The apartment is £120,000 full and I would be buying 50% of it at £60,000. The housing company is paying 5% deposit and I am paying other 5% therfore i am needing £54000 mortgage.

I have applied for mortgage through estate agent broker who has said the Halifax is the best bet. The result was a "category C" pass which apparently alot of S/O mortgages come back as...but I am worried it will be rejected due to my defaults, but i have very little debt now and have paid off thousands over the years to get myself back to normal.

PLEASE can anyone shed some light on this and the halifax and what you think my chances are??

Many thanks

Qual123

you will be fine as long as you can prove your income etc and as long as the valuation is ok, a C pass is an accept with halifax but it will have to be full status (proof of income and address etc).

welshboy26

Thank you so much for your reply!

So you honestly think I will be ok then? Even thought I have 2 defaults on my credit file totalling nearly £700 and most recent in jan 2007??

Is it a case of an inderwriter now looking at my case individualy and deciding whether to accept it or not??

My parents have also said that they would go as guarantoors if need be...do youthink this would help??

Many thanks and i look forward to your advice

ps can i ask Qual.....have you had much dealings with the halifax and is it a case of who looks at my case to determine a decision?

welshboy26

can anyone else share their views on this and tell me what "full status" actually entails eg how long payslips will they need and what else do they need?
what are my chances? im on pins with it all at the moment!

also i have paid off my graduate loan in last few weeks which i pressume wont show up yet on credit file?? do i need to tell them this?

thanks everyone

mikeydpippin

You go to the bank with that lovely welsh accent you will come out with whatever you want good luck

welshboy26

sorry?

i was hopeing for some mortgage advice! ha

_Andy_

Full status = normally 3 months payslips, possibly bank statements.

welshboy26

thanx andy!

if there are any professional morgage advisors/brojers out there would you look at my posts and comment....many thanks

arkie

Andy is spot on .. you will need the last 3 months payslips, a P60 and maybe your bank statements ( they need bank statements to make sure you can conduct your affairs properly and see the money being paid in from you employer, this is incase you have bought pay slips off the internet).
Assuming everything is as it was declared on the application you wont have a problem with Halifax

welshboy26

thanka arkie fr your help! so you think i'll be ok even with my 2 defaults?? i would have thought i would have had to go to a subprime lender because of these??

welshboy26

i have sadly just had my application declined from halifax deuw to my defaults!

can anyone think of a mortgage lender who is a strong option for a ftb wanting a shared ownership mortgage with defaults??

this is a nightmare so any help would be greatly appreciated!

thanks