unsure if i will our application will be accepted

jediwalker

Hi,

I'm hoping for a little help reagrding my current situation...

I have agreed a sale on my current property which is going through nicely, and should be settled by the end of January.

I am concerned about applying for a mortgage however, as my credit rating over the last year or so has taken a bit of a battering - I had a few months out of work and have a few missed payments, all of which are now up-to-date and have been for 6-8 months.
I also have/had an agreement with my credit card company until recently, however I have now cleared this debt. I have another £2k in O/D and credit card debt.

I am looking to apply for a new mortgage with my partner, who has an excellent credit rating....£5k loan outstanding.

We have a combined income of circa £50k, are looking to purchase a property for around £140k, therefore requiring a mortgage of £120k.

I'm concerned my credit rating is going to hamper our chances of a mortgage and also the fact that we don't have a 20% deposit...

I would like to see a broker but finding a time we are both available is a nightmare...

If anyone could supply any helpful advice I would be very grateful

Thanks in advance

Wh05apk

The only way to find out will be to speak to a broker with a copy of your credit report, they can then get you an agreement from a lender they feel will be most "tolerant" of your credit issues.

In your favour you are not stretching your income, however at 80% most lenders will still be picky.

I think you will need to decide your priorities, if this is important to you, you will need to find the time somehow, even if it means taking a few hours off work, afterall you are "buying" a house/mortgage - probably one of the most important decisions in your life, you probably spend longer deciding your next phone. Otherwise your house will be sold, and you may then find you can't get a mortgage.

Senior_Paper_Monitor

Agree with Wh05apk totally other than: most other brokers I know can certainly accommodate evenings, weekends, bank holidays and anything else you might think is unacceptable.

Face to face might be good (or necessary in the opinion of the broker they are uncomfortable with your info) but if the broker is 'set up' for such operations, and if you co-operate in document supply (if you are not too busy) this could be done over the phone/post/internet.

Get a grip !

MRG

If your sale is going through I would certainly prioritise getting some form of agreement in principle as you need to know if its possible. Daytime, evening or weekend there will be brokers available.