First Time Buyer

Mrskhilton

Hi

My husband and I are desperate to purchase our own home. We have a 3 year old child and want a stable home for him. We have a deposit and have a good income, were paying £850 per month in rent and can easily afford a mortgage.

I have a CCJ for a stupid amount related to a house I didn't live at anymore and a couple if defaults I'm trying to get rid of. But I know my credit record doesn't look great! My husband has a commercial mortgage of £150,000, but the actual property is worth £350,000. My in laws have also volunteered to use their home as equity for us, they are mortgage free and their property is worth £400,000. They are however 63 and 74.

Does anyone have any suggestions to help us get a mortgage? We have considered putting it in my husbands name alone however that wouldn't give us enough to buy a home in an area with decent schools for our son.

I appreciate any advice.

Thanks

R_P_W

Earnings? Deposit? House value?

Mrskhilton

Hi

My earnings are £35,000 plus approx £6,000 bonus per year, my husband is self employed but his earnings last year were £28,000 we have a deposit of £25,000 and the house we have seen is £200,000.

Mrskhilton

In laws don't have earnings other than pension obviously.

kingstreet

Obtain copies of all three versions of your credit file, your latest P60 and payslips, your husband's SA302s for the last three years and take them along to a meeting with a whole market broker.

You'd have to answer too many questions in too much detail on here and the end result would still be what I've stated above, so we might as well cut to the chase...

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

Experian

http://www.experian.co.uk/consumer/statutory-report.html#orderReport

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear

Get all three. Do not assume everything will be visible on all three and some lenders use only one or two of the CRAs and there may be an advantage to you in that.