Getting a mortgage

Dave_Ham

It is incredibly unlikely you will get a joint mortgage with Yorkshire, sorry to say...

Only way you may get around this is if you get 3 months payslips, bank statements, the full 9 yards and try and get through a building society or smaller bank that does not credit score...

donnylisa88

Dave_Ham wrote: »

It is incredibly unlikely you will get a joint mortgage with Yorkshire, sorry to say...

Only way you may get around this is if you get 3 months payslips, bank statements, the full 9 yards and try and get through a building society or smaller bank that does not credit score...

Its not letting me talk to you, as I am a new member. But we have around 3600 deposit, looking at houses around 80000, but would go for upto 100,000 if it didnt need anything doing to it. We are currently saving the additional mortgage for the deposit and hopefully going to get some money off family members. We have saved this by just budgeting really well. I am currently a stay at home mum, but currently applying to be a foster carer. My husband earns a basic wage of 18000 per year, but he works overtime nearl every week, so his annual income before tax should be about 24000 maybe more

ACG

A £6000 default is pretty major, the fact you technically owe (in the eyes of the lender) £6k, yet you have a £3600 deposit means your actually owe £2400 before you even start.
If the debt belongs to your partner then you have no chance (in my opinion)...to be truthal (and very brutal) if you wanted me as a mortgage advisor to look, i would charge a fee upfront as i would be that unconfident of finding you a deal it wouldnt be in my interest to do it without being paid upfront.

If the default is in your name, then there is a good chance your partner could get a mortgage in his name alone.

(i am sorry if my post is a little too honest but im from up north and we tend to not mince our words...i genuinely dont mean it in an offensive way)

Thrugelmir

donnylisa88 wrote: »

But we have around 3600 deposit,

Think about what your suggesting. You want to short pay a debt to settle it. Then expect a lender to advance a mortgage.

Do you think that lenders won't have a mechanism to detect such behaviour?

Suggest you face up to settling the debt in full, or continue to rent for some years.

donnylisa88

ACG wrote: »

A £6000 default is pretty major, the fact you technically owe (in the eyes of the lender) £6k, yet you have a £3600 deposit means your actually owe £2400 before you even start.
If the debt belongs to your partner then you have no chance (in my opinion)...to be truthal (and very brutal) if you wanted me as a mortgage advisor to look, i would charge a fee upfront as i would be that unconfident of finding you a deal it wouldnt be in my interest to do it without being paid upfront.

If the default is in your name, then there is a good chance your partner could get a mortgage in his name alone.

(i am sorry if my post is a little too honest but im from up north and we tend to not mince our words...i genuinely dont mean it in an offensive way)

I am a northern lass

No the default is in his name, but trying to get that sorted tomorrow as we have been offered to pay 1500 and have the rest written off

donnylisa88

Thrugelmir wrote: »

Think about what your suggesting. You want to short pay a debt to settle it. Then expect a lender to advance a mortgage.

Do you think that lenders won't have a mechanism to detect such behaviour?

Suggest you face up to settling the debt in full, or continue to rent for some years.

I do understand that. I have no problems in paying the debt off in full, but unable to pay the full amount at the present time. The debt advise line advised me that they might write the entire debt and settle it fully without passing onto a 3rd party. I know banks will look into our history. I just wondered if the last 3 years of having a near perfect credit and no outstanding debts could be counted

donnylisa88

Just another quick question. If I setttled the full debt now, and proceeded to apply for a mortgage in 6 months, would that put us in a slightly better position, or even better 12 months

ACG

They would and they will definately go in your favour in that they check whether you can be responsible with debt, presumably based on what you have said you will pass this.

You need to get this satisfied - as far as im aware there is no such thing as partially satsfied it either is or it isnt. So before you pay £1500 or whatever, tell them you want something in writing that confirms the debt will show as satisfied on your credit fileSSSSS.

Once this happens, im still saying leave it 3-6 months, get a copy of your credit report then go and see an independent or whole of market mortgage advisor and i think you might stand a chance - thats purely because its 3 years old, you have other credit boosting your score and it will have been settled for a few months.

However i think you would need a 15-20% deposit (most likely the 20%) and until you have that i think you are wasting your time even making applications.

Southernman

I think you're better off waiting until you've built up a higher deposit. 95% mortgages are difficult to obtain with people who have good credit ratings never mind those with defaults. Even saving £8k on an £80k home will be more beneficial to you, ideally looking at 15% deposit for better rates.

I suggest you get this default settled and save save save rather than jumping in.

donnylisa88

ACG wrote: »

They would and they will definately go in your favour in that they check whether you can be responsible with debt, presumably based on what you have said you will pass this.

You need to get this satisfied - as far as im aware there is no such thing as partially satsfied it either is or it isnt. So before you pay £1500 or whatever, tell them you want something in writing that confirms the debt will show as satisfied on your credit fileSSSSS.

Once this happens, im still saying leave it 3-6 months, get a copy of your credit report then go and see an independent or whole of market mortgage advisor and i think you might stand a chance - thats purely because its 3 years old, you have other credit boosting your score and it will have been settled for a few months.

However i think you would need a 15-20% deposit (most likely the 20%) and until you have that i think you are wasting your time even making applications.

Thank you. You have explained it really well and clearly. Well I thought something was dodgy about partially settling, but I am hopefully going to sort that out tomorrow. I am going to get everything in writing from them, so if when we apply for a mortgage, we have evidence that the account has been settled. We might struggle for a 20% deposit, as we are currently paying alot renting, and even a 95% deposit on a 100,000 house would be cheaper than renting