Possibility of mortgage

joethemilkman

Hello, We have 40k to buy a house a couple (aged 27 & 24) and are both in permanent jobs earning over 50k between us...only problem is my credit history (one default (cleared) set to come off January 2016) from when I was at uni. No other missed payments, though.

Her credit rating however, Is flawless and she has had and paid back loans and regularly uses her credit cards (responsibly).

I have a couple of questions:

1. Is it a waste of time even going to a mortgage broker

2. Are You better off going to your own bank (from an acceptance point of view) as they can see how you've handled your money in recent years?

Thanks in advance!

joethemilkman

I should add were looking to borrow around 120k so we have a 25% deposit

Edi81

When was the default, how much and when was it satisfied?

Are you on electoral roll at current address?

Would recommend a whole of market broker - you haven't said who you bank with but some them are stricter than others.

joethemilkman

default was from january 2010....ive settled it a few months ago...it was for £1000, we both bank with natwest and we both have a perfect history with them credit cards, loans and current accounts.

ACG

There will be lenders available, so getting a mortgage should not be a problem.

Its who with, as not all lenders are going to be happy with the default, the age of it and size of deposit will help but the size of the default is quite large.

Who was the default with?

joethemilkman

MKD LLP thanks, its good to know...obviously i need to see a broker but wanted to see if i was wasting my time. I suppose it my be a case of waiting 18 months for a better deal if i cant get a good rate

ACG

There will be "normal" rates available.

Possibly even best buys available. You just need to be careful as some of the more fussy lenders may not be interested.