Will He Get a Mortgage?

Futuremrsmc

Hi

First time poster long time lurker, I hope someone can help.

Me any my partner are living together in a flat I rent at the moment from family (which we have to move out of in the new year). The rent is very low and instead of housekeeping he gives me the money which I put into savings.

He has never had a mortgage or any other 'real credit'.

When he first moved in I found out he was using Wonga loans. I berated him for this as I hate them and there was no need for this, he ended up having one a month for 6 months. They were always paid back when they were supposed to be. He didn't pay housekeeping one month and cleared his debts and he hasn't had one now for 3 months and I have told him if he has any more we're through (it sounds harsh but there is no need for it, I have savings which would more than have covered what he borrowed off them and he wouldn't have needed to pay me interest).

We would be looking to buy a property next year as we have the 10% deposit saved and money for solicitors and incidentals etc. The mortgage would be in his name only as I have had credit problems in the past (I have a default which although satisfied shows up on my credit file and will not be removed until 2017).

What I want to know is what are his/our chances of being accepted for a mortgage with Wonga payments on his file.

A little about us he's 34 earns £30k a year, no debts and child maintenance his only outgoing (which is done through CSA - he asked for it that way, he wasn't chased after refusing to pay or anything), his car and running costs are covered by his company.

I'm 30 earn £23k a year and have a few debts (6k), totally manageable, and am in fact in the process of clearing all these (was recently accepted for a Barclaycard with 0% BT) which has helped no end.

Hope someone can help

ACG

some lenders have issues with Pay day loans, some will have issues with the default.

Get all 3 credit reports and speak to a good experienced broker and i imagine there will be one or 2 options.

Foxy-Stoat_3

What value house are you aiming for?

Futuremrsmc

ACG wrote: »

some lenders have issues with Pay day loans, some will have issues with the default.

Get all 3 credit reports and speak to a good experienced broker and i imagine there will be one or 2 options.

This is why I don't want to be on the mortgage, the default plus the debts I already have, the houses we are looking at are comfortable with his salary and would be much cheaper than renting in the same area.

Futuremrsmc

Looking at houses £90 - 95k

Foxy-Stoat_3

As above, see a broker as your not aiming higher than 3 times one salary so should be achievable.

Futuremrsmc

Foxy-Stoat wrote: »

As above, see a broker as your not aiming higher than 3 times one salary so should be achievable.

Thank you, I just wanted some encouragement that all was not lost, and that there was some hope before we find somewhere then realise we cant get a mortgage.

Foxy-Stoat_3

Futuremrsmc wrote: »

Thank you, I just wanted some encouragement that all was not lost, and that there was some hope before we find somewhere then realise we cant get a mortgage.

I would talk to a broker first before seriously looking at a property.

Futuremrsmc

Foxy-Stoat wrote: »

I would talk to a broker first before seriously looking at a property.

Will do, its our plan for beginning of January, new year new start and all that crap (plus we wont actually have the money till then and I want to see the broker armed with everything)

ACG

Your default is over 3 years old, you dont say (or i have missed it) what the deposit is but assuming its 15% i wouldnt have a major issue with this. At 10% it becomes a little trickier but still possible.