Any chance of a mortgage

M00se_2

Hi all,

Just after some quick advice regarding the chances of getting a mortgage.

Background - I am seperated from my wife and in the process of getting divorced, I already have a joint mortgage with her, balance is about £38k property value about £120k. Mortgage is paid up to date.

My credit history is shot to hell and back thanks to my ex (long story), but since our split all my bills and debts have been/are being paid.

I am now living with a new partner in rented accomodation.
My new partner went bankrupt about 4 years ago (debts run up by her ex husband)

Between us we can raise about £25k deposit and have a joint income of around £45k per annum.

Just wondering if it is worth trying to get a mortgage taking into account these facts, dont want to waste anyone`s time if im just whistling in the wind....

Many thanks

Dave_Ham

Will be very difficult to include your partner currently.

In your sole name, what exactly do you have on your credit files?

Missed payments, defaults, CCJ's?

M00se_2

All of the above on my credit file I would think.
I`ve tried to get my credit file but experian etc are unable to e-validate me, so need to phone them to sort it out.

Partner has said her banckruptcy should come off her file next year.

Dave_Ham

Bankruptcy rightly or wrongly hangs around indefinitely and not restricted to the 6 years on the credit file.

I am not saying that she will be restricted from finance forever, but lenders are currently not particularly ex bankrupt friendly.

I think you need to achieve your Experian, Equifax and Call Credit reports and then get to a decent broker.

Rule of thumb on previous adverse credit histories is 20% deposit is when lenders start to get involved. Depending upon the details; 15% through a Building Society may be achievable although this will be wholly dependent on the details, dates and type of sanction/s listed.

M00se_2

Thanks for the advice Dave, much appreciated.