Is a mortgage possible?

abubble

Myself and my boyfriend have found a place we would love to buy but there is a few issues stopping us going through with the process and the big one is mortgage....

My partner is self employed and has 2 years worth of accounts (tax returns from HMRC) to prove income of 20K per year. He also has a contract with current company he is sub contracted to confirming this information for future earnings.

I am employed on a 3 year contract and earn 25K per year basic. I own my home outright and it's approximate sale value is between 60-70K (depending on who I speak to and how quick I want to sell) my current estate agents are advertising at 77.5K and feel this is realistic.

Now the complicated part, my credit rating is poor, it is rated as fair on equifax but my score is just 399, this is due to a CCJ I paid sometime ago (31/05/2006) £880 and have recently applied for my certificate of satisfaction, I have two defaults one from August 2006 which is an account which has been paid shows as satisfied and settled, the other was from November 2009 I am disputing this as was totally unaware of this however, this account is now paid in full settled and closed. The first default was worth £547, and the second £47.

I have evidence of clear paid accounts since 2005 with not a single late payment including loans and mortgage (which I settled in full) and 1 credit card which is regularly paid and my current accounts.

My partners bank would offer him a mortgage of 4 x his wage £80K the property we have seen is £110K the bank would require both of us to be on the mortgage and we would both be credit checked, after I explained my circumstances to the advisor she advised me that they would not consider me for a mortgage, any ideas if we would be able to get a mortgage from anywhere?

Where is the best place for us to start? My previous mortgage was with Mortgages PLC and I had horrendous experiences with them before I don't want to end up in the same situation I would rather wait until May next year when the CCJ comes off my record. If I have applied for the certificate of satisfaction, it won't reset the date that the CCJ is removed will it?

Sorry for the huge post, I just wanted to give you an insight to our situation so we can get people's informed opinions. Even if we are best off waiting, that is what we will have to do although we would love to move.

Thanks
Ash

abubble

Please I really want some advice from anyone!

originalmiscellany

Silly qn; if your house valued at say 60 -70k, but it's on the market at 77k?
Unless I've made a really silly mistake?

abubble

no its not u that is what it says! It is on the market at 77.5k my estate agent says it is actually worth more.... but I am being realistic it is 2 bedroom cottage ideal for first time buyers or those looking to downsize and they are far and few between....I have made arrangements for 2 other estate agents to come out to revalue and see what they say but 60-70k is my opinion of how much it is really worth and how much I may actually achieve a sale for. here is the property:- rightmove.co.uk/property-for-sale/property-22554401.html

I just want to know if people think I can get a mortgage?

Thanks

originalmiscellany

http://www.rightmove.co.uk/property-for-sale/property-22554401.html

originalmiscellany

Totally off topic, but I know your area! Had a relative who lived in Sunderland all her life, (south of Roker I think) - cute house by the way

abubble

originalmiscellany wrote: »

Totally off topic, but I know your area! Had a relative who lived in Sunderland all her life, (south of Roker I think) - cute house by the way

Thanks for that :-) yea roker is about 10minute drive to where I live, it is close to where I was originally brought up an area called South Bents.... this is other side of town but also near to the coast the house I'm after isn't nearly as pretty as this one but it is in the area we want to be in and bigger etc!

GMS

If you have a decent deposit you should be able to get a mortgage.

Speak to a whole of market broker.

abubble

Thanks GMS, I just need to find a decent mortgage advisor around here now... I won't use the one I went to previously as I feel the advice I was given was very poor.
I ended up with a mortgage from a company called Mortgages PLC, never again is all I can say!

GMS

abubble wrote: »

Thanks GMS, I just need to find a decent mortgage advisor around here now... I won't use the one I went to previously as I feel the advice I was given was very poor.
I ended up with a mortgage from a company called Mortgages PLC, never again is all I can say!

If you are happy to deal over the phone you would not necessarily need a local broker.

What was the problem with Mortgages PLC? Why were you placed with them?

abubble

GMS wrote: »

If you are happy to deal over the phone you would not necessarily need a local broker.

What was the problem with Mortgages PLC? Why were you placed with them?

Over the phone might actually provide me with a solution to all of my problems actually! as my partner works away a lot so we always have problems trying to make appointments etc....
Mortgages PLC, I ran into a lot of problems with them when I had a change in circumstances that made me need to renegotiate my mortgage, (not to change the payments or miss any) I was unaware that I could not port, change to buy-to-let add anyone else to mortgage etc without incurring a huge fee, I didn't have this explained to me... perhaps niveau on that occasion (as it was my first mortgage) but one bitten twice shy....

I don't really know why I was with mortgages PLC all I can think it was down to was my CCJ? I never had this explained to me....