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Sameasyoujustlesscash

Looking for some advice.

My current landlord is selling the property we have been in for a number of years and has offered to sell it to us.

My partner and I have currently saved 14/15k and we have a meeting with RBS this coming Monday for advice on a mortgage.

We jointly earn around 47k and have not missed any payments on any bills in well over 3 years - my partners credit rating is infact excellent according to reports.

Our money saved is banked with RBS and our day to day accounts are with Natwest.

The property we are in now will be around 95k so around 85% ratio on lending.

Problem is I have a default thats nearly 4 years old with a utility bill - is this going to ruin any chance?
If so its ridiculous as we can more than afford the repayments on mortgage - it would actually bwe alot less than we are paying in rent?

Should we go through application in just partners name? Could I be on the mortgage deeds though?

So frustrated - can anyone offer any advice?

Thanks for reading

Foxy-Stoat_3

Sameasyoujustlesscash wrote: »

Problem is I have a default thats nearly 4 years old with a utility bill - is this going to ruin any chance?
If so its ridiculous as we can more than afford the repayments on mortgage - it would actually bwe alot less than we are paying in rent?

Hooooooolllllllllllllld on there partn'er.....the lender hasn't had a chance to put the application through yet so you won't know if the one default will make a difference.

Assuming it was just one default that has been satisfied for over 4 years, I dobout it will make much of a difference with your LTV at 85%.

Report back once you get a decision.

Sameasyoujustlesscash

Ha ha thanks for the response. Sadly I havent satisfied the default as it should have been in another lodgers name and when I rang Scottish Power a number of years ago to settle they said the debt wasnt with them anymore and I have had no correspondence since.
I just dont want to get any hopes up as I have a feeling this will come back to haunt me!

TrickyDicky101

I think this is where you would benefit from using an experienced broker - take along all 3 versions of your(and your partner's) credit reports and discuss the options. Much better than firing off an application to your current bank when you have no inkling as to whether you will be accepted or not.

Sameasyoujustlesscash

Hmmm so not worth meeting RBS Monday then?
What would a broker do that RBS couldn't tell me?
Also I told rbs on the phone that I had a default but my credit rating is classed as good on Experian - I know this is a worthless score however.
About 7 months ago I applied for rbs credit card and they entrusted me with £4.5k limit - well aware this doesn't come close to a loan of 80k though!
We're now thinking maybe it would be best if it was just my partner that applied?!

Foxy-Stoat_3

Sameasyoujustlesscash wrote: »

What would a broker do that RBS couldn't tell me?

They will have access to the market rather than the products of one lender.