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Mortgage advice..
chrisquay
Posts: 1 Newbie
Hello, new to this but hoping to get some advice!
Me and my wife are looking into buying our first house.
I am ft employed, salary £25k, wife is self employed approx £20k
We have a good deposit and would be looking for a ltv of no more than 75%.
Problem is my credit report...
I have some defaults on my file from a year or 2 ago, settled but still there. No CCJ's or bakruptcy. My credit score is very bad...
Wife's report is fine, no missed payments etc.
Just wondering what options are open to us?
Will we have to wait for the defaults to come off the report? Do we need more deposit? Father is prepared to act as guarantor? Is this worth while / does it make a difference?
Feel embarrassed that it is my credit history causing concern, so just want to know if it is even worth trying to get a mortgage or not?
Me and my wife are looking into buying our first house.
I am ft employed, salary £25k, wife is self employed approx £20k
We have a good deposit and would be looking for a ltv of no more than 75%.
Problem is my credit report...
I have some defaults on my file from a year or 2 ago, settled but still there. No CCJ's or bakruptcy. My credit score is very bad...
Wife's report is fine, no missed payments etc.
Just wondering what options are open to us?
Will we have to wait for the defaults to come off the report? Do we need more deposit? Father is prepared to act as guarantor? Is this worth while / does it make a difference?
Feel embarrassed that it is my credit history causing concern, so just want to know if it is even worth trying to get a mortgage or not?
0
Comments
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If your LTV is 75% you should engage a good whole of market broker and give yourself a pat on the back for saving up and not trying to get into a 95% mortgage !"Dream World" by The B Sharps....describes a lot of the posts in the Loans and Mortgage sections !!!0
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2 year old defaults and a 25% deposit, there will be lenders available.
Possibly high street rates, possibly slightly over but I would not expect you to be paying anything more than 4%. As above, find a decent broker (preferably not within an estate agents) and you should be fine.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What's a "year or two"?
How much were the defaults for and who did you default on?
Is your deposit gifted?0
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