FTB with partner with 2 defaults

brid81

I was hoping someone can help me here as I feel we have been badly stung with bad advice.
I am currently on 25 k with a fair credit history, outstanding car finance of 3k, no missed repayments. No other debts. I start a new job on 13th May on 33k, increasing to 34k after 6 months. My partner earns 36.5k but has 2 defaults on his credit score with overdraft of 3k to be repayed.
We have a deposit of 20k.
I spoke to a mortgage broker who advised we would have no issues getting a 95% mortgage with Nationwide. We were declined, being advised they did not wish to lend to our case but confirmed it wasn't due to credit issues. Our mortgage broker then advised we apply to Halifax as they are the most lenient. Almost immediately we were BOTH failed on our credit score. Since then I have not been able to get in contact with my mortgage broker.
I am extremely discouraged by the whole process and do not know where to turn.
Do we give up? Should I try to get a mortgage under my name?
I have an appointment to speak with an in-branch advisor with Barclay's next week. I am acutely aware we have had 2 credit searches performed recently, which may have been avoided.
If anyone can help a little it would be hugely appreciated.
Many thanks

Thrugelmir

Immediate issue is why the overdraft if you savings. This should be repaid as soon as possible.

When were the defaults issued, how much were they for and when were they settled?

ACG

When were the defaults put on the credit file?

At 95% its going to be near impossible i think. You need to have pretty much perfect credit history. Did Halifax come back and say they would offer you a 90% or 85% mortgage?

brid81

He has the overdraft from student days (did not manage money well at all), currently being repayed each month so not settled as of yet. Default dates for 10.03.13. The second was an unpaid phone bill of £225, he was out of the country for a year. Dated 24.02.13. Settled in March but currently not showing as so on Experian.
I realise he is really not in a good position. So would it be best if I try to gain a mortgage in my name?

brid81

ACG as I said, I haven't been able to get a hold of the mortgage adviser since! I think she has lost interest in us. So I don't know if Halifax offered us anything, although she did not mention it.
The 20K is 10% of the property we wish to buy.

ACG

Are those the dates the defaults are shown as registered or just when your file was last updated?

If those are the registration dates, then i would say forget it for at least 3-6 months (until the overdraft is cleared and you can show a bit of a decent credit history and improve your score) and/or until you can get a 15% deposit.

To be honest, i think the advisor has probably done more harm than good, but on the other hand, it was probably worth a bash - although they should really have set your expectations with the likely hood of it going through.

brid81

Yes you were right, the defaults were registered on 31.08.12 and 2.05.12.
Do you think it is worthwhile me trying to apply for the mortgage in my name alone? If I were to do so, would I be able to tell them he would be living in the house also?
Many thanks for all your help. We are trying to get the overdraft paid off ASAP.

bigadaj

If you went on your own then you would fail on affordability. Try and find another broker and talk it through with them, would have thought you could get something though not at great rates.

Bubbles87

Your defaults are quite recent i fink you will have a problem getting a mortgage unless you save a very large deposit, i got told the banks will only except people with defaults if they are satisfied & older then 3 years & under £250 & utillity defaults... We have just been excepted with halifax for 10% with two defaults...

ACG

As Bigadaj says, affordability wise your not going to be able to afford it.

Personally i wouldnt be confident of getting this through without at least a 15% deposit. There is a broker on here called Dave Ham, i have sent a few of my own clients to him - he is pretty good when its a pretty difficult case, it might be worth seeing if he pops up with a reply on here.

Dave_Ham

Hi, thanks ACG.

Bad advice from your broker to a difficult situation.

Without a 20% deposit, you can virtually forget a joint mortgage in 2013 due to the recent nature of the defaults and fact 1 is being repaid monthly.

In terms of a single application, dependent upon the nature of the deposit (ie from you both or just you) you could potentially get to about £165k + your deposit based upon your new salary.

If a broker is rubbish, fair enough as they may not have enough experience although not to call you back is just childish and amateur.

Good luck