Mortgage Advice Please

Penfolsteve

Myself and my partner are looking to buy a property but unfortunately we have been turned down a mortgage by a bank. Our credit history is not the best as my partner has a CCJ which ends June 2015 and we both have a couple of defaults. We will be both debt free in the next month or so and will be able to put a deposit of £30,000. Any ideas please?

kingstreet

The deposit isn't much help without the purchase price, or loan to value.

A CCJ and defaults will mean waiting until they fall off your credit files to get high street rates, or a lower loan to value.

An independent broker would be useful first port of call, armed with all three versions of your credit files.

Penfolsteve

Thank you for your reply. I shall look into an independent advisor. I have a current mortgage which still has my ex partner on it, now I have just sold the property. I had hoped the bank I had that mortgage with would of been willing to help me now as I paid that for the past 10 years with no problems. Thank you for your advise.

Malmo

Penfolsteve wrote: »

Myself and my partner are looking to buy a property but unfortunately we have been turned down a mortgage by a bank. Our credit history is not the best as my partner has a CCJ which ends June 2015 and we both have a couple of defaults. We will be both debt free in the next month or so and will be able to put a deposit of £30,000. Any ideas please?

Given your adverse credit history & circumstances, you would be advised to see a whole of market mortgage broker experienced in sub-prime or adverse credit issues to see if they can place you with a lender that will take you on as a borrower.

As a next step, start a local broker search with unbiased.co.uk and untick the Only show sponsored results box on the left hand side of the search results for a mortgage adviser. Under the filter selection headed What would you like advice on, you could also tick the box for Sub prime. It's also advisable to ask for recommendations from anyone you know, who may have used a good local broker.

As kingstreet has posted, obtain your statutory credit report from each of the 3 credit reference agencies, which costs £2 (see links below). You do not need their scores or subscription services. Put these reports in the hands of the broker, so that they have a complete picture of your credit history.

Experian Statutory Report

Equifax Statutory Report

Callcredit Statutory Report