90% Mortgage 1 Default between us. Any Chance??

Lisi_2

Hi,

We have our sights set on a house worth 300k looking to get a 90% mortgage. We've almost saved the 10%.

We have a combined income of £69,000.

My fiance has a personal loan and a credit card, each with a balance of about £6,000.

In theory we have already been approved on this basis, but they would require a 15% deposit, which we wouldnt be able to raise before we have to leave our rented home.

I have had trouble with my credit file (fraud) which i have managed to clear up now, however I do have 1 default still on my credit file (2006)

My Partner has an excellent credit rating, mine is Fair. He is the main earner.

Would this 1 default ruin our chances of getting a 90% mortgage?

Many thanks

Matt1982

How much is this default for?

Lisi_2

It was £243

herbiesjp

Being for such a small amount, you may just about fit in criteria with some lenders, who will accept up to £250

Who was the default with, and how long ago was it registered?

Lisi_2

Oh ok, well that sounds positive.

It was with a home shopping catalogue, and registered in 2006 I think.

Is it worth going to the mortgage lenders directly, or would we risk marking our credit files/bu**ering it up?

We have someone looking into it for us at the moment but i think he is more of a financial advisor/wealth management, and not a mortgage broker in particular...
I saw someone on here previously advising that you should only use actual mortgage brokers?

herbiesjp

Some financial advisers do not regularly transact mortgage business and may not be up to speed on criteria.

So a whole of market mortgage adviser may be a better option, as that is all they do - work on mortgages.

I would not go direct, however, as that may cause more problems, by applying to lenders who would say no anyway.

Lisi_2

Ok, i'll hold off on going direct.

Thank you for your advice. :cool2: