mortgage advice: bad credit with a 25% deposit

DrDoo

Hi,
just wondering if anyone could give me any advice.

Me and my partner take home altogether about 2400 after tax- we have a 25% deposit and are hoping to get a mortgage for about 150 k however my partner did used to have poor credit about 6 months ago but she's paid off all of her debt now.

what do you think our chances are?

the broker says we would qualify for the mortgage but that was without credit checks

herbiesjp

What bad credit did she have?

Have you got an up to date copy of her credit file?

DrDoo

it was poor - but she doesn't want to check because she says she'll just worry even more about whether we'll get accepted (foolish i know) but i can't look without her so we're just having to wait untill we get a concrete answer (hence why i'm looking on here for advise because i'm slightly more impatient than her.

Due to a job change we're having to wait to get the pay slips in order.

But basically the credit rating was poor but she paid all of her debts off - there were some defaults involved but no CCJs.

herbiesjp

If you apply without knowing what the bad credit is, you could end up harming the credit file even more.

You NEED to know what is on there, so you do not waste your time applying to lenders who would not be able to help from day1

Without knowing that, you will not be able to get many answers I'm afraid.

YOu 'll need to know what the bad credit is, when it was registered, and when it was satisfied, and the amounts in question

Mrs_Bumble

Agree with the above comments, your partner MUST get a copy of her credit file, so that you can prepare for what you have to deal with, time has passed to stick head in sand, you need to know what you are dealing with. It might not be as bad as she thinks?

kristenb

Hi DrDoo,

Myself and my partner earn 2600 between us a month, my partner has excellent credit and mine was fair!! I had missed two credit card payments approx 6 months ago, we had a 25% deposit and went with chelsea building society, it took a while to get the offer but we did get it, they are a bit more leniant on the credit search side and they use equifax for searched rather than experian which is a bonus and equifax isnt as harsh, we did have to send lots of things off and explain things but if your honest theyre easy to deal with, we didnt go through a broker either. Hope that helps! plus, i would check her credit rating again as they fluctuate.
Regardsm
Kristenb