Can I Get a Mortgage?

Beany180

Hi,

I was just wondering if anyone can give a rough idea of how difficult it would be to get a mortgage?

My circumstances are me and my partner are looking at buying a house for £239,995 with approximately 20% deposit so we are looking to borrow £192,000ish.

I earn £35,000 while my partner earns £32,000.

Now comes the tricky bit, I have 2 defaults on my credit file going back to late 2009/early 2010 (both settled in Jan 2011 and were of low value £1,400 in total). Due to me splitting up with my ex about 2 years ago I had to take out ‘bad’ credit cards to get myself set up in a house etc and as a result my credit score is low.

Between us we have about £13,000 on credit cards and 2 loans 1 with £3,000 outstanding and 1 with £1,500 all the repayments are made on time and the balances on the credit cards is coming down (slowly in some cases).

How difficult would it be to get a mortgage?

19lottie82

I would very much doubt it, sorry.

The sensible thing would be to use some of your deposit money to pay off all of your debts and then save to build your fund back up again while you wait for your defaults to drop off your credit report.

GMS

It may be possible. The defaults will exclude most lenders so best to speak to a broker as the lenders who would consider the adverse are likely to be broker only lenders.

Affordability will be the key. If the term needs to be a short one then likely to cause an issue.

Definitely a broker case this one.

Dave_Ham

Vote 2 for this definitely being a broker case.

You absolutely need to obtain your Experian, Equifax and Call Credit reports before you go to a broker. Only get the £2 statutory reports though, that is all that is needed.

Additionally, ensure your bank statements look strong with no naughties in there as this may well end up at Building Soceity rather than a traditional sub prime mortgage company.

The rate and costs are likely to be determined by how good the broker is.

All the best