Do I have any chance of getting a mortgage?

pandaspot

Hi

Quick question what are the chances of getting a mortgage as a ftb in my situation. I have a default leaving my credit file in november and I am currently raising my credit score with a credit card and catalogue buying on it and paying back and my oh has a settled ccj. He has 3 years left for this to come off his file but it has been settled for 3 years. Soon as he had it he settled it.

The mortgage we are looking at would be for £30,000.

Is there any chance or should we wait for my default to go?

We are both in permenant secure jobs with a decent wage.

Dave_Ham

Hi - what purchase price are you looking at?

pandaspot

The property is £35,500, it's a shared ownership. We can put down £5,500 or maybe more for deposit

Dave_Ham

The bigger the deposit, the more chance you have of being accepted.

Typically, many of the adverse credit lenders do not like shared ownership of any variety.

Given the adverse all being in the 3-6 years category, I would only see a Building Society lending although this is not a guarantee as would depend upon recent banking history and affordability.

Not going to be easy, you will require a decent broker and given the loan size expect a fair size fee.

All the best

pandaspot

Thanks for your quick advice, I will certainly look into building societies. It gives a bit of hope.

How do I get a broker? I know I sound silly but I have never even considered the chance of owning my own home and therefore never properly researched. Can I apply direct to mortgage companies myself or should I get a financial advisor before doing so? My ex landlord was a ifa I suppose I could see him?

Affordability: I have about £500 debt at moment and oh has £0. When I use the mortgage calculators they say we can have £150,000 mortgage on present income.

I am sure I will learn more over the day, going to do lots of research

Dave_Ham

Keep reading through these forums, you will find out a lot of information and learn from others experiences.

I suggest you need a mortgage specialist, your Ex Landlord may know one he uses as would imagine he specialises in Investments & Pensions and would therefore not be close to the lenders that are more likely to accept you.

Also, have a read about some of the shared ownership stories on here as it will give you some good knowledge before making any offers etc. in the future.

Hope this helps, keep reading and ask any specific questions you may require answers to...