Mortgage Help!

choccygirl

Hi, I have a credit score of 536 and earn £15000 pa, my husband has a credit score of 740 and earns £24000 pa.

Should we be ok for a joint mortgage of £35000?


We know he could apply for one on his own but we need it to be a joint application (we do have our reasons, lol)

Neither of us have any CCJ's nor have we ever defaulted on a loan / credit card.


I know 536 isn’t the best credit score but should his good credit score counter balance it when we apply and should we be fine?



Thanks

kingstreet

What's the property value, or purchase price?

If it's £35,000 the answer is probably no chance. If it's £70,000 or more I'd say it's virtually certain you'll get a mortgage...

mij544

The number of things a lender will look at when underwriting a mortgage makes this hard to say, and without all of your financial information to hand generally impossible.

If you could provide details of the loan to value, income and outgoings, employment status, length in jobs, age etc then I can give you a better idea.

GMS

https://forums.moneysavingexpert.com/discussion/3707373=

Why duplicate the post? Answers will be the same? Also failed to mention the missed payments on the new one.

choccygirl

LTV is 90% which you can get mortgages for, Yorkshire are even offering 95% LTV

The property is worth £40000 and we have £5000 deposit.

We have both been in our current jobs for 4 years this February and April.

Our combined outgoings include.

Loan £250
Current Rent £180 (inc on Council Tax as husband in RAF)
Gas, Elec and Water = total £110
Running of car = £100

So total combined outgoings are = £640

kingstreet

choccygirl wrote: »

The property is worth £40000 and we have £5000 deposit

What kind of state is it in? Is it mortgageable - rudimentary bathroom and kitchen in place?

mij544

Re the above post, have you had any missed payments, if so, how many and when?

When were they satisfied.

This will make a big difference i'm afraid.

herbiesjp

You should be fine.

You might want to get an agreement in principle first to make sure the chosen lender does not throw out your application - at 90% LTV criteria is pretty strict

choccygirl

Hi I was late on 2 credit card payments 3 and 4 months ago, but they were paid within days. This card has now also been paid off in full.

Yes the property is mortgageable, the properties in the area are relatively low anyway.

So all in all, we should be ok, I’m just a little paranoid and stressing about it all you see.

choccygirl

Hi I was late on 2 credit card payments 3 and 4 months ago, but they were paid within days. This card has now also been paid off in full.

Yes the property is mortgageable, the properties in the area are relatively low anyway.

So all in all, we should be ok, just i'm a little paranoid and stressing about it all you see.

Wh05apk

At 90% generally you will need to have perfect credit, with the missed payments, you may struggle, I would suggest getting an AIP with someone like Abbey/Halifax (who can be a bit more tolerant than some) to confirm, rather than keep reposting on here, whatever we post is only opinion, you need to get it confirmed with a lender.