We want a mortgage

Happydays_game

Hello everyone

Sorry newbies here !

We are looking to secure our first mortgage and are looking for some advice please.

We have a joint salary of 72k and are currently in rented accommodation costing us 1k a month in rent alone.

Deposit in all honesty isn't easy but we have to find away to raise a minimum of 10%

We have limited savings and hope to have a temporary gift from a family member to help with the deposit.

Now this is where's concerns are.

she: credit score 737 with a couple of missed payments for a couple of hundred quid only missed due to personal circumstance at the time.

He:851 with four aged default all of which are all satisfied as are above.

Would be looking to borrow circa 250k

What are our chances ?

callmechar

Lenders look at affordability now. I am confused why when you earn £72k you have not enough for a decent deposit? How long have you been saving?

Happydays_game

In honesty we haven't been saving for long.

We have enjoyed holidays 2-3 times a year and now realise that's not the best move for our long term future.

GMS

Temporary gift? You mean loan?

callmechar

Ok so you should get a fair sum saved in a year or 2.

Happydays_game

Well in honesty it may be a gift as if a loan it will need to be declared as they can then have an interest in the property.

Happydays_game

So do you think the historic defaults will be ok ?

Dave_Ham

This will come down to the absolute details, as many variables to manage

You need your credit files and a decent broker.

10 percent deposit and defaults make this a tricky, not necessarily impossible case

Loopy28

If it was me, I would see a good mortgage broker.

They will know that lenders to try with the defaults, I have known people to obtain mortgages with defaults. At least with a broker you will have the back up of them trying another lender if the agreement in principle is refused.

Try some online mortage affordability calculators to get a guide. Google Santander for intermediaries and you can use their online affordability calculator that brokers use, you can do this for a few different lenders and input income and outgoings to see what you can lend.

nubbins

Happydays_game wrote: »

Hello everyone

Now this is where's concerns are.

?

I hate to be brutal but I would say your concerns are the fact you have 72k coming in between you, have hardly any savings, need to borrow off family members to get anything resembling a deposit, have pretty poor credit history and like to live the good life.
I think you need to get your priorities right, stop having 2 or 3 holidays a year , save your own deposit, improve your credit, stop having 2 or 3 holidays a year and then start thinking about mortgages.

Happydays_game

nubbins wrote: »

I hate to be brutal but I would say your concerns are the fact you have 72k coming in between you, have hardly any savings, need to borrow off family members to get anything resembling a deposit, have pretty poor credit history and like to live the good life.
I think you need to get your priorities right, stop having 2 or 3 holidays a year , save your own deposit, improve your credit, stop having 2 or 3 holidays a year and then start thinking about mortgages.

Did you not read 19:35 ?