Am I likely to get a mortgage?

josephiney

Hi, I'm new here, and have had a bit of a read around the forum. Would like anyone in the know to cast their eye over my details and see whether they think I would get a mortgage.

I have a £10,000 deposit, plus a couple of grand saved for fees etc. I want to put an offer in on a house for £100,000.

Have spoken to a couple of mortgage companies (Coventry, HSBC, RBS) who tell me they would be willing to lend me that money in principle. None of them have given an official Mortgage in Principle, and have not done credit checks.

I earn 33,500 a year, and my partner has recently been made redundant but usually earns about 30,000 a year.

Both of us have missed payments etc showing on our credit history, but nothing that wasn't cleared the following month (i.e. forgotten to pay a non direct debit bill).

In theory I think we should be ok to get a mortgage - anybody know if I'm deluded?

My main worry is that I have a financial association (joint bank account) with my mum who had to have a personal payment plan (NOT bankruptcy) put in place, so has adverse credit.

Would anyone be able to shed a light? I don't want to put an offer in on the house that I have seen if there's no chance of getting a mortgage.

Many thanks

Thrugelmir

Are you and your partner buying jointly? Or just yourself.

josephiney

We will be buying jointly but obviously the mortgage can only be based on my income at the moment.

josephiney

anyone shed any light?

josephiney

it transpires today that my partner has a default on his credit file for the sum of £432 from 2006 that was settled in 2006. His credit rating on equifqax still comes out as excellent though. very odd.

We have a meeting tomorrow to get a mortgage in principle and credit checks done but im really scared we wont be approved. i feel sick and cant concentrate on anything.

can anyone shed any light either way?

MagicCats

josephiney wrote: »

it transpires today that my partner has a default on his credit file for the sum of £432 from 2006 that was settled in 2006. His credit rating on equifqax still comes out as excellent though. very odd. We have a meeting tomorrow to get a mortgage in principle and credit checks done but im really scared we wont be approved. i feel sick and cant concentrate on anything.

can anyone shed any light either way?

Can you shed further light on the financial association with your Mum, and what month in 2006 is the default? They drop off at the six year point. It may be better to wait until then, and clear up the financial association first.

josephiney

Not sure which month as don't have him here, but think it might be september. I have a joint account with my mum ehich is a hangover from when i was a student abroad and she used to send put money into the account for me. she had a debt payment plan (unrelated to our account).

josephiney

Not sure which month as don't have him here, but think it might be september. I have a joint account with my mum which is a hangover from when i was a student abroad and she used to put money into the account for me. she had a debt payment plan (unrelated to our account).

MagicCats

josephiney wrote: »

Not sure which month as don't have him here, but think it might be september. I have a joint account with my mum which is a hangover from when i was a student abroad and she used to put money into the account for me. she had a debt payment plan (unrelated to our account).

If you can hold off on the default then do it. I'd imagine a good broker or someone on here will advise further. That account could be troublesome. Again a broker is best placed to advise on how lenders score. If it was me I'd close it, or remove myself from it. After this carry out the process through all the credit reference agencies to disassociate yourself.