Help getting onto the property ladder

CDaniels1987

me and my new wife currently rent, we have been for almost 3 years, however we are not happy in our house at all, there are so many problems with it, its so small for what we pay and its a dreaded new build so the walls are so thin with next door that we can even hear then use the toilet..... :eek:

We also are looking to the future i.e kids and our contract is only on a month by month basis so its not very secure.

We currently pay £625 per month rent and we almost bought a house 2 years ago, the house was lovely and the mortgage would of been £375 per month so it would of been a massive saving for us, however the mortgage fell through due to my credit history. I have quite a few defaults on my credit file from the last 2-4 years, majority of them are paid off now, however a few still remain which I am paying a small amount a month towards. My partner is currently unemployed and is struggling to find work so the credit check 2 years ago was soley on me.

We got married 2 weeks ago and have just come off our honeymoon, my first question is would she now be finacially linked to me, and would this up the chances of passing the credit check?

IF we cant get a mortgage of some kind, is there any other options out there for us where we would feel more secure like rent to buy options.

Another reason we don't want to rent anymore is we have 2 cats and we are finding almost impossible to find anywhere else that we like to rent as they will not accept cats.

Please help point us in the right direction if possible!

Thanks in advance.

monty-doggy

Lenders don't just look at a credit 'score' its affordability and stability too. If your wife isn't working that's going to be detrimental as she is a dependant on an income with previous credit problems.

It doesn't look good.

Have you got a deposit saved?

CDaniels1987

Yeah we have about £45k saved, however would like to only use around £30-35k so we still have savings.

This is all my wife's savings I must add that either her parents have saved for her or shes got from grandparents etc which she actually cant touch yet unless her dad approves it I think.

Putting mortgages aside are there any other options for us, i.e rent to buy or anything just so we can have a bit more security rather than a month by month contract and even have a bit more flexability with the property i.e being able to decorate change things etc.

I just hate private renting and until this changes our lives are almost on hold now.

[Deleted User]

CDaniels1987 wrote: »

We got married 2 weeks ago and have just come off our honeymoon, my first question is would she now be finacially linked to me, and would this up the chances of passing the credit check?

You become financially linked when opening joint accounts or taking joint credit products. Just getting married will not link you in any way on your credit reports, you will only be linked if you open joint accounts / take out a mortgage / get a loan etc.

thedalmeny

I'm assuming you have signed upto Experian?

I would suggest you use the savings you have to pay off anything you still have left under a payment arrangement.

I'd then concentrate on getting your credit report clear for at least a year before you consider going for a mortgage, 24 months preferable.

End of the day if you want access to the mortgage market, you need a good credit history. Otherwise you'll simply be looking at less desirable offers, even then defaults in the last 24 months will massively limit what you could get.

monty-doggy

I agree with the above. There is no point looking at schemes which will cripple you in high interest, pay off everything you can and get your credit files up to date.
Once your wife is working and you have no outstanding debts you will be in a much stronger position.

When you are ready see an independent whole of market broker. They will advise on what's best.