Another 'have I got a mortgage chance'...

Hello123_2

Hi guys,

Sorry but this is another one of those posts!

Would just like opinions on whether my OH is likely to be able to get a mortgage with me? Details are:

- We have a £30k deposit
- House we like is £170k but we could go for something smaller if we can't lend so much
- We don't have any credit cards, loans, finance or children etc
- Both in permanent employment (OH has 3 years wage slips)
- My parents are willing to be guarantors (they are mortgage & debt free)
- My credit rating is excellent - never missed a payment
- Unfortunately OH credit rating is poor - he has a few missed & late payments from 2008 on a mobile phone contract, credit card and personal loan. All been paid off & no problems in the last 3 years.

Thanks

slopemaster

You forgot to say what your income is...

Hello123_2

slopemaster wrote: »

You forgot to say what your income is...

DOH! My OH earns £30k & I earn £10k - this will go up to £15k in January.

Thanks

dimbo61

Where have you got the £30K deposit saved ?
Have you looked on a few lenders websites to see what they could offer you with your incomes ?
Many have calculators to give you an idea.
You should also have a look at your credit rating with the 3 credit agencies

Hello123_2

dimbo61 wrote: »

Where have you got the £30K deposit saved ?
Have you looked on a few lenders websites to see what they could offer you with your incomes ?
Many have calculators to give you an idea.
You should also have a look at your credit rating with the 3 credit agencies

I've looked at the calculators but I think they presume the applicants credit rating is good?

Have an equifax & experian report - they show the missed & late payments from 2008.

Deposit is in a building society savings account. Thanks

Hello123_2

anyone?!!!!

Suarez

I would say around the 100k mark so I would be looking at houses between £130,000 and £150,000...

handytips

Most lenders have thier own credit scoring system, so if your OH poor credit is over 3 years old i wouldnt mind betting i could get this one placed on the high street, as for your borrowing i would work on 3.5 joint income.

Hello123_2

Suarez wrote: »

I would say around the 100k mark so I would be looking at houses between £130,000 and £150,000...

Thank you. Do you mind explaining how you reached the 100k figure?

Meeper

100k is low. I would expect you to be able to get a mortgage for something in the region of £150-£170k, at the maximum.

And yes, don't worry too much about the credit in 2008, as has been stated, I would expect to place this on the high street.

Suarez

Meeper wrote: »

100k is low. I would expect you to be able to get a mortgage for something in the region of £150-£170k, at the maximum.

Not a chance. No wonder people get into trouble with "Financial Advisors" like you about...

130k maximum.