Please help! I think I have no chance in getting a mortgage...

Thrugelmir

Lottie120 wrote: »

so is there no point now in saving a huge deposit due to these MMR rules?

Put the issue of lenders lending on a responsible and affordable basis aside. As that's not your issue.

A major part of the mortgage application is to assess the suitability of the applicants. Much of the automated checking actually gives the lenders an insight into the type of people you are, and you personal attitude to money management. Everybody falls into a defined category.

Keep saving and let time heal your partners record.

Wozza85

Daneeeks wrote: »

I think £180k with a £45k joint income is quite a stretch! We are applying for that amount with £77k joint income...

Not impossible tho. My partner and I put a 5% deposit down and had a mortgage for £175k on £46k joint income.

kingstreet

Can we stop talking about income multiples?

Affordability means income, less expenditure and that means everyone is going to be slightly different.

There are countless affordability calculators online now. Input your data and see what lenders will offer you.

pjread

How much of that 45k is you, I'm assuming most if you've saved 70k and he's in hock to wonga et al...

Personally I'd be having a chat with a broker and looking at what realistically you could buy on your own. This probably means lowering your aim, but it still likely beats renting.

Daneeeks

Wozza85 wrote: »

Not impossible tho. My partner and I put a 5% deposit down and had a mortgage for £175k on £46k joint income.

Agreed definitely not impossible. I think it depends on the kind of lifestyle you want to lead with the mortgage though. For example we like to go on holiday several times a year and eat out a lot etc.

Lottie120

This has gone off on a tangent slightly. My original question was whether my partners 2 defaults will deter us from getting a decent mortgage and what we can do to improve the situation.

Thrugelmir

Lottie120 wrote: »

This has gone off on a tangent slightly. My original question was whether my partners 2 defaults will deter us from getting a decent mortgage and what we can do to improve the situation.

Defaults , payday loans and missed payments are enough warning flags for any lender.

The only thing that can improve the situation is time. Allied to an extended period of good behaviour. As lenders will need convincing that the leopard has changed his spots.

kingstreet

Lottie120 wrote: »

This has gone off on a tangent slightly. My original question was whether my partners 2 defaults will deter us from getting a decent mortgage and what we can do to improve the situation.

Only time will improve the situation. There is not much you can do, unless you have a DeLorean with a flux capacitor.

Enterprise_1701C

Unless you can totally disassociate yourself from him financially, which could be difficult to do if you live at the same address. That would mean no joint loans, no joint accounts, no joint financial products at all. The best thing to do is keep saving as much as you can and wait for the defaults to drop off your files.