This is a long shot but you may know...

debtfreebyxmas

I have an 'excellent' credit record according to the main 3. It looks realistic that we have a deposit by the end of this year 10%. I have been in steady employment, house etc. but here's the tricky bit....

Prob 1- My husband was made bankrupt last feb, due to be discarged soon. I completed financial dissassociation on credit reports. His debts occurred before we met associated to a house he owns. I am a first time buyer. Of I can, how can I prevent this affecting mortgage application. If I can't prevent assossiaction how can I minimise the possibility of it affecting the application. I am going for a sole mortgage. We do not have joint bank accounts etc.

Prob 2- I have read that the number of dependents you have can cause a lender to decline your application, regardless whether you can easiy afford the mortgage?I have 4 children, how can I prevent this from happening? Do you know of any companies that are not scared by the number of dependants?:eek:

I hope someone may know something about this, I would really appreciate a response.:A

kingstreet

Stop listening to credit reference agencies. They only matter when THEY are lending money. THEY don't/aren't.

Number of dependents does not influence the lending decision (yes/no) - it affects the amount which may be available to you. Have a play with something like this;-

http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

to see what is suggested.

debtfreebyxmas

Thank you, very useful much appreciated

debtfreebyxmas

Could anybody advise on problem 1? Or has any experience with this?

bigadaj

Might be sensible to post your earnings, house value etc to get better opinions on practicability, like most things this probably isn't. Black and white but will be a shade of grey. Options at 90% ltv are fairly limited and the reduction in your income based on having five dependents may be too much to afford the size of mortgage you need.

kingstreet

If you have no joint accounts and never applied for joint credit there should be no association to cause you a problem.

If you have any, make sure you complete the disassociations before you think about making a mortgage application. Check all three CRAs beforehand.

michaels

kingstreet wrote: »

Stop listening to credit reference agencies. They only matter when THEY are lending money. THEY don't/aren't.

Number of dependents does not influence the lending decision (yes/no) - it affects the amount which may be available to you. Have a play with something like this;-

http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

to see what is suggested.

This made me smile - going from 0 to 1 to 2 kids reduced what was on offer but 2 to 3 kids actually increased what they would lend by 10k and then more than 3 made no difference. What is it about child no 3 that makes the financially positive?!

(Adding DW rather than being a single adult had a large negative impact...this is entirely correct unfortunately :rotfl:)

kingstreet

Have a dabble with this one;-

http://www.ingdirect.co.uk/mortgages/mortgage_information/borrow_amount.asp

IIRC adding two kids took £80k off one punter's maximum borrowing power.