Help! Advice needed - please

sweet_cheeks_3

I'm new to this but could really do with some advice. My partner and I are hoping to buy our first home together. He currently owns his own property and has recently accepted a really good offer on it.

Unfortunately, due to ill-health, no job etc, my partner missed a couple of mortgage payments. The arrears have now been paid off but we have been told my a mortgage advisor (and the current lender) that we won't be able to get another mortgage for approximately 12 months since the last missed payment.

We will (hopefully) be purchasing the property together which means there will be two salaries to consider and I thought we'd be in a strong position. He's also made a substantial amount on the current property so we do have a large deposit.

Does anyone know of a lender who would be able to help us or is there any advice that anyone can give?

I'd be really grateful

Thanks in advance

worriedindebt

sorry to hear of your predicament. i have heard the 12 month rule before and think its quite common.. prob more so these days.
my advice would be to be honest and upfront with mortgage advisors and simply ask a few banks/lenders what their policy is.
they will be happy to answer your queries and will really appreciate you being upfront at the start. its not in their or your interest to go through an app only to find out it will go wrong so they would rather you ask the pertinent questions and lay your cards on the table at the start.

also, if the deposit is high could you afford it on your income alone? might be also worth you being the primary applicant rather than him, that can also make a diff sometimes.

good luck

sweet_cheeks_3

Thanks alot for your advice. We're going to try and see as many lenders as possible, and like you said tell them the situation from the start so as not to waste their time and ours.

We have thought about doing it in a single name - I earn a good salary so definitely something to consider.

Thanks again.

Conrad

A couple of small building societies can consider this - ask a decent broker to try, but note the lenders will need 3 months Banks stats and will be looking for good account conduct.

Otherwise buy to let in your name only might be possible as long as you 'plan' to let it of course.............
Note you cannot be on the property deeds without being on the mortgage deed so your partner would be at a disadvantage in terms of clean cut property rights.

Senior_Paper_Monitor

Conrad is 100% correct - but one further word of warning based on your "to try and see as many lenders as possible" statement - do not allow them to run credit checks as muliple credit checks will certainly not do you any favours.

A broker checking with the smaller lenders on a 'one to one basis', as Conrad suggests would help to protect you in this.

worriedindebt

Senior_Paper_Monitor wrote: »

Conrad is 100% correct - but one further word of warning based on your "to try and see as many lenders as possible" statement - do not allow them to run credit checks as muliple credit checks will certainly not do you any favours.

A broker checking with the smaller lenders on a 'one to one basis', as Conrad suggests would help to protect you in this.

to add to this, try and just keep to general questions when you speak to lenders.. even a DIP leaves a footprint on your credit file.