Sub Prime only option?

Lsfzz78

Good Afternoon

My partner and i are trying to buy a house. We have no debt and have an LTV of around 25-30%

He has a perfect credit rating and currently has a mortgage. I have no debt at the moment but i have had 3 defaults in the past. All now satisfied although one was only satisfied recently.
We are waiting for a broker to come back to us regarding a mortgage application but he told me yesterday its 'highly unlikely' we will be granted a mortgage.
Surely this cant be the case ??
Any help gratefully received????

kingstreet

It depends on;-

- the dates the defaults were registered
- the amounts concerned
- the satisfaction dates (if paid)
- the reason they occurred.

This information is added to the other information on the application and the overall quality of the case is decided, either by a computerised scoring system, or by a human being, if you use a non-scoring lender, such as a smaller building society.

Dave_Ham

Depending upon the answers to Kings. questions, I would expect there to be a solution.

Do you mean deposit or 25-30% or as put loan to value of 25-30%, at which point there would certainly be solutions..

Exact dates will be important, as some lenders have 2 years from registration as an key benchmarking date.

Lsfzz78

we were looking to borrow 180000 with a house value of 228500

My defaults were all within the last 2 yrs

Any recommendations of companies to try ?

Cornucopia

How do the figures stack up, if your partner applies without you?

Dave_Ham

To have 4 defaults registered in the last 24 months is very difficult indeed.

Your actual loan to value is 78% and therefore you may be applicable to a couple of lenders, although do expect to pay a premium for this.

If affordable in partners sole name, subject to other variables this may be the way to go.

ILW

OP has not mentioned income.