First Time buyers

marsonhewitt

Hi just looking for advice as totally clueless.

Me and my partner are currently saving a deposit and i have seen the new 95% mortgages on offer but wondered if we would be accepted if my partner has defaults on his credit?

I have a good credit rating but could not get a mortgage on my own as he is the higher earner, we have been told that we could borrow upto £170,000 from an estate agents but are only looking at properties around £120,00 or less.

Does it help that we would be borrowing less than we actually can afford?

Thanks in advance.

holly_hobby

How many defaults & how much for?

When were they registered ?

H

marsonhewitt

3 defaults registered around 5 years ago and total less than £3,000

holly_hobby

Sorry, but at 95%, and in todays market, you've no chance.

Best to wait until 6th anniversary of default registraton has expired, when they will effectively "drop off" your partners credit record with CRAs. (when the time comes do ensure that CRAs have removed them before applying for a mge).

Hope this helps, if not the answer you may have hoped for ..

Holly

GMS

95% is highly unlikely. Speak to the lenders without a formal decision in pronciple to guage their thoughts.

90% may be possible subject to income.

marsonhewitt

I thought that would be the answer but just wanted advice as his friend got a mortgage with a high LTV and defaults but that was a few years ago.

We'll just keep saving and wait for them to drop off.

thanks for the advice.

marsonhewitt

Thanks, stupid question but can you just phone lenders and ask them out right? Not much knowledge on mortgages etc as FTB

GMS

marsonhewitt wrote: »

Thanks, stupid question but can you just phone lenders and ask them out right? Not much knowledge on mortgages etc as FTB

Yes. Speak to an underwriter preferably and ask what the chances are. Tell them the full story and do not get a credit check done.

At least then you will have an idea from the 'horses mouth' so to speak

Thrugelmir

marsonhewitt wrote: »

Thanks, stupid question but can you just phone lenders and ask them out right? Not much knowledge on mortgages etc as FTB

Or save with a lender such as a local builder building society. Where a track record of regular saving will score "brownie" points. When it comes to applying for a mortgage.