County Court Judgement & Self-Employed

Hpriddle1

Help, Help, help! My boyfriend and I have been seeing a mortgage broker recently who I have to say is excellent however we have found out that my boyfriends credit rating is not to hot. He has £3500 worth of dept that he didn't realise he had all of which have been defaulted and one of which is a county court judgement of £1660ish. My Credit score is fine but I am self employed which puts another obstacle in our path. We were fine at first because we were going to rely on his wage. This is now no longer an option as it seems and my income is seen as unrealible. Please can someone help.:eek:

herbiesjp

You may still be able to get a mortgage on your BFs income alone, however the rates offered may be higher to reflect the severity of the adverse credit history

DO you have an up to date copy of your credit file?

Hpriddle1

We did a credit report just this weekend so it is very up to date. Mine is "GOOD" and his is "FAIR". As you can imagine I was extremely dissappointed. Especially as Halifax have a new fast track mortgage that you only have to pay 10% deposit even if your self employed but you MUST Have an A credit rating. Frustrating

herbiesjp

A self employed person can go for any mortgage they want really, as long as they have got proof of their income and meet the minimum trading time for the lender in question.

HTH

Hpriddle1

The problem was the proving of it. I would come out looking like I've earnt about £7000 a year which obviously is rubbish especially tying to buy in london. Argh!

herbiesjp

London is indeed a tough market

HOwever you said you were going to rely on BFs income alone.

What figures are you looking at? Purchase price, deposit, BF income?

MortgageMamma

Theres a 95% LTV on the market currently, which you coudl use. 6.19%

Hpriddle1

My BF earns £20000 and I currently earn approx £25000 but of course it can vary. It would be hard to prove mine and of course we wanted the best interest rate as we were going for interest only for the first two years.

Hpriddle1

Purchase price originally we were looking at it based on £207000. Deposit of 15% was £32000 plus £4000 for pther expenses. As some of you will know in London that will get you a shed. Yey! We are still struggling to get together the £6000 and now we have another £3500 of his unexpected debts

herbiesjp

Well you will definitely need to take both income into account

What proof of income do you have? Do you have any accounts or self assessment forms?

How long have you been self employed?

Hpriddle1

I've been self-employed for 4 years and have my own accounts but having taken off expenses it mkes it look worse than it is.