Going to see mortgage advisor Wednesday Nervous

MysteriousMoon

I am going to see a mortgage advisor on Wednesday I am soanxious and nervous. Me and my husband and my in laws went to view a 3 bedroompart rent part buy property on Saturday and fell in love with it. We arelooking at owning 60% which is a mortgage of roughly £195,000.00. I am on 20Kand my husband is self employed but works for a company where he does get payslips and he does get his tax paid by the company. He brings home roughly£1600.00 a month so I know we can afford it, but there is one problem. I hadone default of around 400 back in 2009, I know when I tried to apply for a BarclaysMortgage and it got declined he said try for a mortgage this year as they ‘forget’about defaults after 3 years. My default was settled and since then I havenever had a late payment on anything I pay my rent bills and everything ontime. My husbands credit rating is immaculate. Should I really be worried? xx

ChrisFilter

Depends on the lender. Some will be willing to overlook it. But it's six years before it'll fall off your credit rating, not three.

From what I've heard, Santander and Halifax are the more accepting of this sort of thing, but their rates are higher as a result.

kingstreet

This is going to depend on the loan to value and if the property is a newbuild.

Halifax maximum is 80% on a newbuild, so unless you have 20% of your share as a deposit, they won't be interested.

He sounds more like a sub-contractor than self-employed and that will be an added complication for some lenders.

Hopefully, you are seeing an independent broker, not an advisor in a branch, so you'll have a better chance.