What are our chances of getting a mortgage?

gazfocus

Hi all,

We're looking to buy a 25% share in a shared ownership property. The 25% share is priced at £37,500 but not sure if this is subject to independant valuation or not but we currently have 10% saved up.

I have a part time job that has previously paid £11.5k pa and have just secured additional hours to bring it up to £14.5k pa. I also run a part time business but don't want those accounts taken into consideration. My wife works part time and earns £6k pa but has only been in this employment for 2 months.

My wife currently has a £4.5k bank loan costing £145pm and a £500 credit card balance and I have a £1500 credit card balance. We each have a littlewoods account totalling £2000 (but both just been cleared), I have another credit card with £200 limit that has just been cleared and a £1300 interest free overdraft that has also just been cleared.

My wife's credit report is squeaky clean with no negative things on it, however, my credit report has a 5 year old default and a two 'outstanding debt' Table 1 searches.

Now, we've got an Independant Mortgage Advisor but haven't had chance to see her with all the details as yet but out just looking for some opinions from you guys.

I am aware that if I applied for a mortgage in just my name, my wifes debt wouldn't be taken into account. I'm also not sure if 2 months pay slips would be sufficient to back my wifes income up.

But...would a mortgage lender be likely to offer me a mortgage with a default and two table 1 debt searches? If not, are they anymore likely to do so with my wife on the application, having a squeaky clean credit history?

Thanks in advance.

gazfocus

Also, which credit reference agency are mortgage lenders more likely to use?

gazfocus

Anyone got any thoughts?

brit1234

gazfocus wrote: »

Anyone got any thoughts?

My only thought is to avoid shared ownership like the plague.

How much deposit have you got and how much have you set aside for fees etc?