FTB needing advice

bazza12_2

Hi,
First time on here but need some help. My partner and I are looking to get on property as we are currently renting, paying £650pm. Situation is this, I have had bad credit in past, no CCJ's just missed payments due to previous relationship. Currently complete debit free since January 2011, got credit card to improve my credit score (currently showing a score of 928 on experian)which shows no missed payment since july 2010, always pay off in full. Work for the Police so fairly secure job and earn £33,980 per year. My partner has perfect credit and has secure job earning £21,500 per year.

Will have deposit of around £21000 (savings) in a few months time and looking for mortgage of £135,000 for house valued at £151,000.

Is there any hope off us getting a mortgage, any advice would be most helpful

m00m00

the number of missed payments will be an issue, the fact none in the past 12 months a slight plus.

you would be better off avoiding going direct to the cherry picking lenders, such as HSBC (particularly at 90% ltv)

talk to an independent or whole of market mortgage broker, there are likely to be options out there for you.

brit1234

You may be best waiting one more year as banks don't like recent missed payments and are turning people down at present for them. On top of that the government hasn't decided on what elements of the Windsor report and Hutton review. It could be you have a substantial reduction in pay over the next year especially with the wage freezes.

On a plus side by waiting a year you can save a bigger deposit and thus get a better mortgage rate, house prices will be cheaper so you will have less mortgage. Also banks do like lending to police compared to other professions.

Good luck