Specialist Mortgage Lender Advice

Dave_Ham

Add to the above, it is essential you achieve your Experian, Equifax and Call Credit reports in order to see how the arrears have been registered as this will be crucial and not all the reports are likely to be the same.

Furthermore, word of caution on the amount you are looking at as based upon the affordability calculators of likely specialist lenders your income vs required mortgage will be tight..

The deposit certainly makes this case achievable, as suggested above hunt down a good broker and not just any old broker.

Jonnyk82

Update:
I've been told by a couple of brokers who say they "specialise" in adverse credit that the amount required is achievable but as the arrears were only cleared at the beginning of February 2014 they are too recent for any mortgage lender to consider regardless of the circumstances :-( they both suggested waiting 12 months :-(

One of them suggested using my partners earnings only and completely keep me out of the mortgage provided one of our parents could act as a guarantor. I said it was too early to consider that for many various reasons not to mention I'm actually a bit uncomfortable with it and I'm sure it would put our parents in an awkward position.

Even if this was an option I definitely don't think my partner would achieve the desired mortgage amount.

Our parents are both retired, my parents are in their mid 50's and my partners late 60's both own their properties with no mortgage.

Has any one got any suggestions?.

Jonnyk82

Just had a chat with my parents. They are not against the idea but want to look at all the options. They are also Worried that they would not be considered because of their age and the fact they are retired.

They also suggested getting the mortgage themselves using their current house as security.

I'm really uncomfortable about this and very confused, you mortgage advises must be geniuses to understand all the ins and outs :-)

ACG

Did these brokers tell you outright it would be a no or did they go off and speak to the lenders first?

The reason i ask is this is unlikely to meet standard criteria with most lender, but there are 2-3 who would take a view after looking at the whole case... if the brokers went off and checked fine, if they didnt then i dont see how they could say nobody will accept it.

Its not uncommon for some lenders to have criteria but if the rest of the case is decent then they would be prepared to look outside the box.