50% LTV mortgage with defaults?

Fozzyg

Hi Everyone,

Hope someone could offer me some advice.

My wife and i would really love to buy a house (first time buyers), only problem is that she has 2 defaults on her file from HSBC due to outstanding debts on her graduate loan and overdraft. The defaults have been settled in full but obviously still show as defaults. My credit file is very good and have around £2000 in total owing on 2 credit cards.

My mum has wonderfully offered to sell a flat that she currently rents out and give us £100K towards the house, we're looking to buy a house for around £200K so would need a £100k mortgage.

Our annual salary is £43k

Does anyone think it would be possible for us to get a mortgage with a 50% LTV despite the defaults?

Thanks

LilacPixie

how long ago were the defaults and when were they settled?

Fozzyg

defaults put on file April 2009, settled November 2009.

herbiesjp

You don't say what your individual incomes are, but you might be able to buy in your sole name if you wanted.

Alternatively you could find lenders at that LTV who will be able to help.

It will all boil down to the specifics of your scenario.

An adviser will be able to point you in the right direction whichever route you want to go down.