Mortgage advice needed

jodiegoodger

Hi

I am new to this forum but thought someone might be able to give me a quick answer. My husband and I are lookin to move house, the mortgage we currently have is my name solely. We have a 15-20% deposit and my salary alone is £44,000, husband is self employed with a profit of approx £10,000 per annum. We have incredibly bad credit history, my current score is 827 although I have 7 defaults as I entered into a payment plan for my credit cards after returning from maternity leave - we came into some money last year and paid absolutley everything off so currently have no debt other than our mortgage. My husband has a default but for a very low amount. I also have a buy to let mortgage with my mum, that property is rented to the council on 3 year leases. I wondered what our chances would be of securing a mortgage to move - our current mortgage is Northern Rock and that would be repaid leaving us with our 15-20% deposit, I am guessing I know the answer but worth a try! my default dates are Jan 2012. Any advice/commiserations greatly appreciated!
thanks

ACG

Go and see a broker.
The defaults alone we could get around in January next year (when they are 2 years old). The payment plan is the biggest issue here, i also think a 20% deposit is going to be another issue with the payment plan, if you could get it to 30% i would be relatively confident.

Get all 3 credit reports and sit down with a GOOD broker (forget fee free and forget estate agent brokers) you need someone who is prepared to put in the ground work and research here.

jodiegoodger

Would you have any reccommendations of a broker? would the governments help to buy scheme benefit us or would the lenders involved not touch us.

ACG

I dont think the lenders involved would touch you - although between now and January a lot can change.

Were not allowed to recommend brokers as you never know whether we are getting a "kick back" from them etc. Can you ask friends/family? A look on google maybe?

I wouldnt give up on the hope of getting a mortgage, but you probably already realise its a case of finding a lender and not a rate. I do know there is a new lender to the market with rates of 8.5% or something similar but i would see if there are other lenders out there first who would offer something better - it will come down to the finer details which is why you should get all 3 credit reports.

jodiegoodger

my mum wouldnt be involved in this mortage, would just be me and my husband, I downloaded our reports yesterday from Credit Experian.

ACG

I meant friends/family for a recommendation of a broker :-P

jodiegoodger

great thanks, I have approached a few one response already telling me high street wont touch us - so nothing new there then! I will do some more searching. thanks.

ACG

There are lenders not on the high street. Building societies, Private banks etc. If that was their only response they sound more like a price comparison site than a broker.