right to buy mortgage help!!??

Alexpm36

please if anyone has any help or advice it would be greatly welcomed.
me and my partner have the right to buy our council house. but are finding it really hard to get accepted for a mortgage.
our property has been valued at 175000 we have a 35 % discount total mortgage needed is 113750. I earn around 44k and im full time employed and have been for years . and my partner looks after our child full time. I have an Experian credit score of 674 (poor) but my Equifax score is fair. and my partners is 872 (fair) and debt free.I owe 5k on credit cards and have x2 historic defaults both satisfied we are finding it soo difficult to obtain this mortgage is there anybody out there that can help us please???

Mokka

Maybe it's a mercy in disguise. How much more would you have to pay for your mortgage than you are paying now for your rent? And what will happen when interest rates go up? Or you have to fork out thousands for repairs?
You want to borrow nearly 3X your salary and you have 2 dependants.

Your family's home is safe now, it won't be if you buy it and overstretch yourself. Until you pay off your mortgage the bank owns your home.
Don't put your family at risk of becoming homeless for the sake of chasing property-owning dream.
Have you actually applied for any mortgages? The more you apply the harder it will get, as credit record searches count against you.

ACG

3x income isnt a problem.

Speak to a broker. Dont make applications on a whim as this will knock your credit score even more.

Mokka

Alexpm36, I think your post is too vague to get any meaningful advice from a broker on this forum.
You might get more help if you give more specifics:
Did you actually apply for mortgages or just spoke to people in a bank?
Is it an unusual property?

You can get a mortgage with 4X salary these days, but this does not mean it is wise.

Your 5K debt and defaults work against you. If you can get a mortgage at all it will be at a high interest I would guess.

Why are you in such a hurry? Pay off your debt and let the defaults drop off. The discount increases every year.

If you were renting privately for over £1k a month, as many people do, I would understand the desperation to buy, but you've got the most secure housing of all, your rent is reasonable, so I don't think you will get much sympathy on this forum I am afraid.

If you've run up £5k debt on you salary and with a reasonable rent, how will you be able to afford mortgage payments which might be a double of that?

Dave_Ham

If the defaults are over 3 years, this will be easier than if under.

Still as suggested, achieve your Experian, Equifax and Call Credit documents and get them to a recommended broker.

Good luck

Senior_Paper_Monitor

We do right to buys by the bucket load and adverse credit (even moderate levels) is a nightmare to get through.

As Dave says - the devil is in the detail.

Stop the random applications, you are making a bad situation worse.

This one sounds a problem already - give the full information to a broker and they will tell you if it is possible.