Refused a mortgage with Halifa, now what?

sezkamcc

Hiya
We applied for a First Time Buyers mortgage on a Shared ownership house on Saturday via the internet with Halifax (internet application was probably our first mistake) and they have declined it because of my husbands credit rating. It is only in his name as I don't earn and am paying off a debt I ran up, and my credit isn't great.
We really need to get a mortgage as we are in Military accomodation at the moment and we will lose this in the near future when my husbands contract with them is up.
I just really don't know what to do now. His credit is fair and we have no savings (deposit is a gift/bonus from work)
We had applied for a £40,000 mortgage on a 25% shared ownership of a house with a £25,000 salary.
Is there anyone out there that might touch us with a ten foot barge pole? Or are we doomed?
Thanks

samtoby

What credit does he have? Does he have any defaults or CCJ's?

samtoby

So your asking for 100% of the share as a mortgage...? If that is the case I don't think thats possible?

sezkamcc

No we're asking for 90% as a mortgage we have the 10% deposit, no defaults, couple of late payments here and there. Might try and find the military mortgage advisors number

Conrad

No lender at 90% will accept missed payments. Get straight for a year or two, dont miss a thing, make sure you have a loandline phone and are on the electoral role if possible as this has a big impact of score.

sezkamcc

We have a landline phone, and are on the electoral roll.
We don't have a year or 2 as our wonderful armed forces are making us homeless.

DannyboyMidlands

Doesn't mean you have to buy somewhere instantly though.

Just rent for a few years, save a bigger deposit/emergency fund and get your finances squeaky clean.

opinions4u

Low deposit.

Shared ownership.

Low share (25%).

Missed payments.

Other debt.

It's a horrible case to lend on.

I'd suggest getting yourselves straight (lower debts, perfect payment history, bigger deposit) and taking it from there.

kingstreet

... and if you have any joint financial arrangements with your husband, loans, bank accounts, anything, get them closed and open new ones in his/your sole name.

It's quite possible your poor credit is pulling him down.