Refused a 40% mortgage at 7.5%

rency

Hello,

I'm looking for some advice on applying for a mortgage. I was very stupid with money when I was at uni and am now really feeling the consequences.

I bought a house with my partner at auction last year. He had the majority of the funds with me borrowing the remaining £40,000 from my Dad as we needed a fast completion date. I have a CCJ (over £500) and some defaults on my credit file and knew I would not be approved quickly (if at all). All the debts are from 4 years ago and all have been paid off in full for over a year. I was unaware that I had the CCJ till a year ago.

I recently approached a mortgage broker and explained my situation. I applied for my credit report and score (748), which shows the defaults but also shows that I have not had any arrears for over a year, have not gone over my agreed credit limit and pay everything on time. I was refused for a higher interest mortgage (which specialises in clients with CCJs) even though the loan to value amount is low and I currently pay my Dad more than the repayment every month!

My Dad has said he can wait another 6 months for the money and I would really appreciate any advise on how to rectify my credit rating or any mortgage companies that would be likely to accept me.

Thank you

beecher2

Can your partner get a mortgage on his income? What does your mortgage broker advise you to do?

rency

My partner is unemployed at the moment, the broker thought it would be easier if it was just a single application.

He has said that there is nothing more he can do and to try again in a few months. I spoke to a few advisors before applying for a mortgage, explaining my situation and they were all confident that I wouldn't have any trouble! My fault for been naive!