advice needed please

acerspades_2

Hi,

I really could do with some advice; our situation is a bit complicated but I will try explain fully.

We moved in with my father in law to care for him and he has now sadly passed away. The house has been left to my partner and three other siblings to be sold and the money divided equally between them. Approximately £60,000 must be paid to Nothern Rock as my in laws' did an equity release scheme a few years ago. My partner's share of the inheritance will be around £22,000.

We would like to buy the house using his share as a deposit plus a little bit that we have saved. All together we have enough for a 15% deposit.

Now for the tricky bit! We are first time buyers and my partner is self employed. Unfortunately he doesn't have a great credit history. There were a couple of late payments on his credit card about 6 months ago. He also has a loan which he made an agreement with the bank to make reduced payments on. What we did not realise at the time was that this would show up on his credit file as him being in arrears. The repayments have now been brought up to date.

We have been using a broker to try to get a mortgage but after reading some of the advice on here I realise that she is not an 'all of the maket' broker and so possibly won't have access to all lenders'. she has been trying to get us a remortgage through Kensington because she says that no high street lender will touch us. But things are dragging on and on and we have been waiting about 6 weeks for a mortgage offer. We are at the point where we just want to give up with the whole idea as the other siblings are getting a bit impatient.

Do you think it is worth us trying another broker? I just don't know how to begin choosing one.

Sorry for the long post. Any advice will be very gratefully appreciated.

Thrugelmir

The UK mortgage lending market is dominated by the big 6.

So even a whole of market broker has limited options to help you.

Maybe save the inheritance and use this a foundation for a deposit once you have added to it. This will allow time for your credit ratings to improve as well.

xyellowx

self employed , bad credit ,reduce payments ,15% deposit it doesnt matter who the broker is they wont be able to help you get a mortgage