mortgage question

Tiggy10

Hi all, thanks for reading.

My bf and I have been offered the opportunity to buy a flat owned by my family thus year. We went going to start looking next year but this opportunity is too good to miss.

The question is really what our chances are?
Property value - 160000
10% deposit

Partners gross earnings: 31000
Great credit history only approx 500 owed on a sofa and 200 on a laptop

My gross earnings: 25500
Owe 9000 for a car
500 overdraft
300 laptop
However 5 years ago a default shows on a cc I could never prove was not mine.

Alone oh can get a mortgage according to online calculators for 140000

How much of a problem do you think I would cause as 2nd applicant, is it even worth bothering?

amnblog

Chances are slim with a CAPITAL 'C' on a 10% deposit.


Strong with a CAPITAL 'S' on a 15% deposit.

kingstreet

On which version of your credit file does the default appear?

If not already done, obtain all three versions and put them in front of independent broker and see if there's a lender for the cleanest version of your credit file.

Tiggy10

amnblog wrote: »

Chances are slim with a CAPITAL 'C' on a 10% deposit.


Strong with a CAPITAL 'S' on a 15% deposit.

Thanks for the replies. I thought as much and for this opportunity I don't know if we can possibly scrape anymore together in the coming couple of moths the offer is open to.