FTB advice needed

donovan89

Hi

I'm looking for some advice from anyone in the know or who has experienced similar please.

I'm looking to buy for the first time with my partner. We have found a house for £160k that we really want to buy.

Together we have a £60k deposit to put down (£40k is mine, £20k is hers).
We want to borrow £100k

I earn £17k, and she earns £13k.

My credit rating is very good and spotless, however hers is not.
She has cleared all her debts £2k worth 3 weeks ago, and is on the electoral roll, however this has not improved her credit score much. She has several credit accounts which she has now closed, but which are still showing as active on her file despite her contacting them over a month ago to update. She also has 2 defaults showing, one in 2009 for £200, which was settled immediately. One for £85 from 2010, again which was settled immediately.
She also unfortunately has one missed payment 10 months ago, which was late by a couple of days. No CCJs etc.

My question is, what are our chances of being approved for a joint mortgage considering her record, and if we are, what would the interest rate be like?


Many thanks

kingstreet

Looking for an advance under 70% and with an income multiple of 3.3 x joint you should have no problem getting a normal "High Street" mortgage. You might not get accepted by HSBC, but most other lenders should be available to you. Make sure you disclose your partner's adverse credit and provide an explanation.

The_Palmist

If all the balances have been cleared as you say then you should be just fine. High deposit and property value will go in your favor. Good luck.

donovan89

They are cleared, we're just waiting for them to update the credit report, which would be in the first week of July.

Just hope we can get a fair deal interest rate wise.

herbiesjp

You should be fine.

As you say, wait for your credit file to get updated, and then discuss with a good whole of market adviser.

There are lenders that can offer you "normal" rates, but more stringent lenders will decline even the smallest defaults. So you would not want to waste your time applying to the wrong lender, worsening your credit file and ultimately harming your chances of a good deal.