Advice for a first time buyer

willow1887

I would be really grateful for any advice.

Me and my partner are first time buyers desperate to get a mortgage as soon as possible. However, although I am employed (14K) I have a 'terrible' credit rating as I was regrettably, very silly with credit cards in the past and have approx £4,000 of debt being handled through debt management.

We think our best option is for my partner to apply on his own for a mortgage. He is a 39 year old and would be a first time buyer. He earns 21K (permanent employee, same job for 10 years).
We checked his credit rating, which turns out is 'excellent', however, he has a 2K debit (from a loan) which is currently with a collection agency (who haven’t reported it to his credit file, hence the 'excellent' credit rating). He also has a 3K credit card (no defaults and not with a collection agency) He has 6K for a deposit and wants to borrow £60,000.

Is he likely to be offered a mortgage? Should we use some of the 6K savings to pay off his 2k debt? What else could we do in this situation to improve his chances?

ACG

Check all 3 credit reports.
It may not be reported as in arrears with one agency but may be with another - this can have an impact on lender selection.

I think you need to get all 3 reports down to a broker. You might be lucky and not have any issues.

willow1887

We checked all three credit files and he is 'excellent' they show the debt but don't have it as a default. It shows payments are made each month in 'green' no 'arrangement to pay' mentioned.
Would that debt be the only thing that goes against him?

amnblog

You need to engage a mortgage broker because what you are suggesting with regard to your history and the condition of your credit files does not add up.

Dont mess around, get proper advice.

Wildchild14

Hi sorry to jump in on your post but how do u start a new thread?? I'm new to this so trying to find my way around the forums but I've no idea how to start a new thread and don't really want to hi-jack anybody's else's post too much. Any help would be appreciated. Thank you