Adverse creditb mortgage brokers

trooperdog

Hi all,

I would like to purchase a house between "200-250k
I have 40k equity in my current house (which I would sell to raise the 40k ). and 12k of debt CC and car fianance) I plan to pay off the debt and use 25k deposit.

The house is a new build.

I earn 30k and my partner earns 14k pa.

her credit file is clean, I have a default settled 6 months ago for £100. I also have 3 late payments within the last twelve months. (this was due to inconsistent pay dates from employer that are now rectified). All 3 credit files show the same history.

Is there anyone on here that could help me achieve the above?

Ive looked the affordability calculators and they are so varied it doesnt really give me any idea. The advers credit history is also a concern of mine?

H2B would be great but I imagine the advers would rule that out?

ACG

Is the default under/over or dead on £100?
When is the default dated?
Is it on all 3 credit reports? (Equifax, experian, noddle.co.uk)

amnblog

Affordability will be a problem so will your limited deposit and the choice of a new build.

As a whole it sounds unrealistic.

Engage an experienced mortgage broker to establish what your options are.

DesignDad

trooperdog wrote: »

Hi all,

12k of debt CC and car fianance) I plan to pay off the debt and use 25k deposit.

I have a default settled 6 months ago for £100. I also have 3 late payments within the last twelve months.

As far as I'm aware a few late payments are not going to cost you the earth, and are not as bad as having a CCJ or default registered.

The credit card history might be an issue if perhaps you have been carrying huge balances on them over a long time. This would look like you're living in debt and depending on your cards/credit to get by.

I'm sure a broker on here will be able to put you straight.

trooperdog

Thanks guys.

ACG - Default is dated 17/10/2013 (settled) and is for £56

AMNBLOG - could you advise what would be a realistic loan amount with the info above? or suggest a calulator that quite reliable.

ACG

There will be lenders for this. Im not sure about the HTB EL scheme but you should be able to get a mortgage in the region of £180k.

Assuming the debt is paid off then I think £200-225k purchase price should be achievable.

amnblog

trooperdog wrote: »

AMNBLOG - could you advise what would be a realistic loan amount with the info above? or suggest a calulator that quite reliable.

You will se from one of my previous posts that my view is that by their nature affordability calculators used by borrowers rather than experienced brokers are not reliable by nature.

You need to know how to use then to rely on them.