Cant get a mortgage but partner can - advice please?

jatzlauck

GMS wrote: »

That is still 5.5 x income and on a low income that is a hell of a lot.

What exactly is the issue(s) with your credit?

CCJ's? Defaults? Missed payments? Bankruptcy/IVA?

missed payments and defaults on 2 catalogue accounts about 4/5 years ago- only for a low amount but it was at a period of ill health and i just couldnt pay . it was my own fault as i didnt speak to them as i was finding it difficult to deal with things at that time.

but now- years on- its causing a right pain for us! we're desperate to get out of renting s it just getting higher and higher and to no gain... but i think the simple tryth is going to be that there is nothing we can do

Senior_Paper_Monitor

If that is a total of the problem then there are competitive lenders (not High Street) who will consider you without going the full adverse route. Most of these are broker only and you sound as if 'advice' would be beneficial anyway.

BUT they are not going to go to the multiples you indicate - so you need to build the deposit (can family/parents come into play) and lower the purchase price - the 2 kids (I missed that peviously) I suspect that 3.0 - 3.5 times income is the maximum you will see loaned at perhaps 80%, probably 75% (no research there, just [plucking figures out of the air)

GMS

jatzlauck wrote: »

missed payments and defaults on 2 catalogue accounts about 4/5 years ago- only for a low amount but it was at a period of ill health and i just couldnt pay . it was my own fault as i didnt speak to them as i was finding it difficult to deal with things at that time.

but now- years on- its causing a right pain for us! we're desperate to get out of renting s it just getting higher and higher and to no gain... but i think the simple tryth is going to be that there is nothing we can do

If your only adverse credit is from 4 years ago then you should be able to source a mortgage.

You may need to lower your sights a bit in terms of price but you will not get what you are looking for on your partner's salary alone so you are not getting what you dream of either way.

You need to speak to a broker to see if a 'Near Prime' lender would consider you.

Get statutory (£2) copies of your credit reports from Equifax, Experian and Call Credit and see exactly what is contained in them.