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Are we likely to get a mortgage?

richsayer73
richsayer73 Posts: 3 Newbie
edited 3 July 2012 at 9:11PM in Mortgages & endowments
Hi, we have seen a house that we like for £190000 and have a 10% deposit. We have just seen the estate agents mortgage broker (I know this may not have been the best idea in retrospect! Plus his fee would be £1000 on completion!) and he has said that we will struggle to get a mortgage.
Our situation is:
My partner is a teacher on £38,400- exc credit history etc. Her pension and salary sacrifice childcare payments show on payslip just short of £500.
I am self employed with only 1 years accounts of £21,000 net but have a less than perfect credit history of 1 default and a ccj for £250 which was satisfied. However both were over 6 years ago and no longer show on my credit file.
We have a daughter.
It was suggested that we could apply in sole name of my partner but affordibility would not look good as she would in effect be applying for all of us on her salary alone.
I would be grateful of any recommendations of lenders (if any!) in view of our situation. Thanks

Comments

  • PHILIP1193
    PHILIP1193 Posts: 39 Forumite
    Any good mortgage broker will advise on the best lender. Having used one to get my mortgage i know they use special computer program's, stick in all your info, good and bad and search for the best deal.
  • Thanks for your reply. That's basically what the guy did & came up with applying in partners name only but could be tricky when they consider affordability. Was really wanting to know if it's worth trying another broker to see if there are lenders out there that would consider us or are we being unrealistic?
  • hcb42
    hcb42 Posts: 5,962 Forumite
    do you know what the repayments can be and can you afford them?
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Build your deposit up some more.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    With only a couple of exceptions, Estate Agency advisors are usually inexperienced and many on a panel..

    From what you have said a decent broker will find a solution. Get both yiur Experian and Equifax reports to a decent broker and ensure this clown does not credit score you anywhere..

    You will need to move quickly though as he/she will tell the Estate Agents in terms of any bid you make or have made..
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Joeler
    Joeler Posts: 179 Forumite
    If your CCJ and default are settled and over 6years old they won't appear on your credit file anyway?
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    One of those cases I feel would be more or less a certainty if in tghe hands of an experienced capable broker as Dave Ham says.

    I would go further and say try and use a DIRECTLY AUTHORISED broker as opposed to one that is an APPOINTED REP. The reason for this is that apoointed reps have an extra hurdle of rules to deal with in that thier network will have it's own rules and process'.

    There's a dead give away in terms of spotting a good borker. A good one will often intialy only ever make rough notes. A robotic clown type will input all your details onto a computer system that forms part of an audit trail and thus can end up putting the client down a cul de sac from which there is no escape.

    Thinking brokers are skeptical and always ask lots of questions before robotically embracing some computer system like this. I've always found gaping issues with all such systems so don't use any of them. I especially would never submitt an application using a generic platform such as mortgage brain because if you encounter underwriting issues, there is then no escpae alley.
  • Thanks so much to you all for your replies. They were very informative and helpful and as a result we have just seen an independent mortgage broker who didn't get his computer out! He seems to think that Nationwide, Halifax and Principality BS are possible options. He's gone away to have a look at it and will get back to us tomorrow. Fingers crossed!
    As anticipated, the Estate Agent has been on the phone quoting our highest offer figure (as discussed with the EA broker-glad confidentiality is high on his list of priorities!)as one that would be accepted by the vendor.
    Will sit it out and see what new broker comes up with in the morning and take it from there.
    Thanks again.
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