Is there any point us trying to buy the house?!

pocketburner

I'm hoping someone out there could help me, me and my other half are wanting to buy the house were living in, were 21, I was stupid a couple a years ago when I first had access to credit, learned from this but I dont know if Im wasting time trying to get a foot onto the ladder.

Here goes;

We currently live in the house we’re wanting to buy, owned through family, the deposit we have will be the equity in the home.

Its worth 100k, ideally buying for 85, but could do 80.

I have 4 defaults added all together they amount to under £1000. 3 are just over 2 years old, the other one is for £1.04 added in January.

(I’m currently fighting the one from January as I have copies of all my bills and have paid up to date ON TIME and have shut the account, so this is just infuriating and absolutely ridiculous considering the default date showing on Experian is over a month AFTER I shut my account)

I earn just short of £20k BUT I’m and agency worker, although I’ve been there one year, had my contract renued 5 times.

Partner Earns £15500 permanent Job, has more or less a perfect credit history, 2 missed payments in a year, although has a £600 overdraft which has been used for about 3-4 months. This will be paid off at the end of this month.


Is there any hope of us getting a mortgage?

ACG

The main thing in this is that you would be looking to have a 15-25% deposit which is a good thing.

There are quite a few negatives here:
Gifted deposit, credit, agency work.

With a decent broker (not an estate agent based broker) there may be one or 2 options on this but the devil is in the detail. I think you really need to make an appointment with a broker and get everything down on paper and let them do the donkey work as you are unlikely to get this through with a high street lender.

pocketburner

It obviously would be easy for my partner to be on the mortgage without me.

So first of all, if we went down this route is there anything that could protect me if things were to get a bit messy eg we break up? (I doubt it will happen but you have to think of everything)

Would someone lend to him with a gifted deposit?

Or would it be alot better if we waited 6 months, got around 5k saved up towards our deposit?

I've googled GE money, would we maybe get a mortgage with them?

Thank you for all your help.

ACG

Its not only the default which is the issue and GE are a nightmare to deal with, they want everything plus the kitchen sink.

Your partners income isnt enough for the mortgage you need, so you would both need to go on any application.