First Mortgage

Colz

I am currently looking for a mortgage and am worried that I will be declined as I have just had a look at my Credit File and I have

Seven Months worth of defaults - That was subsequently cleared by unfair bank charges being refunded back to me

1 x CCJ - Three and a half years old for £320 - I have no idea what this is and am now applying to the court to pay it off.

My Father in Law has given my wife and I up to £50k for a deposit, my wife does not work and is just setting herself up as a registered childminder and will have to self certify her income and I earn around £45k a year.
We have seen the house of our dreams which is £380k - Am I likely to get a mortgage at all though and where should I go - I am 34 and wife is 37 and we are first time buyers

Any help gratefully recieved!

Will I be able to find a mortgage, we may also be able to provide a gu

happybroker

Sadly I fee you may struggle but you would be well advised to take your credit file to a quality whole of market adviser who should let you know exactly where you stand and what you can do to try and improve the situation.

Self cert is not going to happen at that loan to value if you can find some one who is willing to look at it for you in the first place (bit of a hot potatoe!) and even if you could I she would need to be earning over £30k as a childminder to be any where near which IMHO seems rather a lot.

Sorry I can't be more positive but maybe the house of your dreams should be something you need to aspire to and set your sies a wee bit lower for the time being.

Colz

Thanks for that - I was also going to mention that my Father in Law would act as a guarantor should we need it at all?
Do you think that my help, he has quite a bit of property in the USA and Canada

happybroker

Foreign property won't offer too much comfort i'm afraid but if he is very wealthy his own bank may take a view.

herbiesjp

If your FIL has an income, it will help to get the mortgage agreed on a guarantor basis.

However your credit file will need to be looked at closely to see what impact that will have on any applications your make.

As stated, get a copy of your Equifax or Experian report and then see what a whole of market adviser can do.

Make sure that the adviser can also research direct only deals, as well as broker deals