self cert mortgages

super125

My partner has bad credit which should all be clear from his account by May 2014. im hoping when they drop off his report it should be good enough for us to go ahead for a mortgage application or perhaps we will need to build up his score by him managing a cc or something for a few months.

i am employed and he was until recently. he will most likely be self employed in his new role [construction] and we will be looking to apply for a joint mortgage. so he will have a mix of employed status and self employed.

will we still be able to get a mortgage. we should have around 50k deposit and looking to get something around 200k mark.

also what are the chances of me getting a mortgage myself with a 35k income [employed] and around 35k deposit? i am 41

ACG

No such thing as self cert anymore - you can get a mortgage with 1 years accounts though.

When you say bad credit - what do you mean? With a 25% deposit, it would need to be pretty bad to not get a mortgage.

Your income alone with that deposit would be difficult, but it might be possible to do it on a joint income now depending on how bad the credit reports are.

super125

my partner defaulted on a number of loans back in 2006 paid up in 2008 so he will pass the 6 year mark on the last 2 of the accounts in may next year.

he defaulted on the loans and then ignored the cash collector companies so his rating is BAD so thats why we are waiting until May next year.

he has yet to start the self employed work so will have a gap of about 6 weeks in his employment. will this effect chances of a mortgage or does it have to be at least one year unbroken records?

many thanks

DevCoder

Most mortgages will want 3 years of accounts wouldnt they?

ACG

Get your credit reports down to a broker - defaults alone shouldnt a major issue. Ignore the credit score, its worthless.

super125

he has been employed for last 12 months then self employed before. he will be self employed again but there will be a gap of about 6 weeks in between.

im hoping that as long as he can show records of money coming in for a period then it will not really matter if employed or self employed??

ACG

If he is self employed he is going to need atleast 1 years accounts as a minimum - more like 3 years to have access to all lenders.

Wh05apk

You mention self employed and construction, is he fully self employed or CIB contractor?

super125

Hi - he is CITB contractor.

Fost

Try visiting the ContractorUK site www . contractoruk . com

They have teamed up with ContractorMoney who offer free, impartial advice to ContractorUK visitors. They have no requirement for accounts history - bank statements and a signed contract are all that is needed.

Hope this helps.