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First Time buyers and bad credit
Breenins88
Posts: 3 Newbie
Me and my partner have managed to save a 10% deposit for up to £130,000. We have found our dream house and are concerned about now applying for a mortgage as I have 6 months default on a credit card, though he has a squeaky clean credit history. I am in the process of disputing my deafults through the Financial Ombudsman as it was actually a repayment plan however if this isn't taken off I'm concerned that this would mean we won't get a mortgage. We are fortunate to have homeowners who are happy to be "guarantors" if this is a necessary/possible step. I just don't seem to be able to get a clear cut answer from any bank! We have a combined income of £27,000 or £36,000 if we include his secondary income but I am the main income providor. Any ideas?!
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Comments
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You are right to be concerned.
To get a 90% mortgage you don't want a defaulted credit card on your record.
Start thinking about how you can get more deposit together and get some advice from an adverse specialist broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I think you really need your Experian, Equifax and Call Credit reports and a decent broker.
Still then, I think you may be optimistic to get this accepted with a 10% deposit. 15% and things may look differently
It really depends about how long ago, how much and the detail of the case.
No-one will be able to give a more detailed answer, you just really need a broker to look at the entire detail of your case but as said realistically I think it unlikely.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thank you all for your advice, it was unfortunately the way that I thought that question would go! Can you tell me if with his secondary income he earns more than I do (then being the first mortgagee) whether this would make a difference?
Thanks again0 -
Sometimes, but not in this case as I fear your defaults are fairly recent from your post and would have killed your credit file for the short/medium term.
He could potentially be a sole applicant, although this is fraught with issues around deposit/ownership etc.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
That's great thank you for your input, best go see a broker!0
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