Sub Prime Mortgage

boucho11

Hi Guy's

Need a bit of help. Me and my OH have been looking into a mortgage. While she has a great credit rating (top 990's) and have a really low salary, she's only a partimer and at home Mum. I only have a pitiful score of 600 though have an excellent salary of nearly 40k per year, though I have no debt but have 2 small defaults from some time ago Both to do with telecommunications disputes. These were settled in full though with no payment plans nor part-settlement figures.

Basically we have been turned down for a mortgage and are considering looking into a sub prime mortgage. The house we are looking at is only 89k (I'm based in NI) so it's not for a HUGE amount. The deposit isn't an issue, we have 10% and can put our hands on another 5% pretty easily.

Does anyone have any knowledge of this type of mortgage or could recommend a broker for Sub Prime? Google search seems to throw up all sorts of websites but I've never herd of any of them and am a bit reluctant to start handing all my details to a company I've never heard anything about.

Any help would be greatly appreciated.

Thanks

saverbuyer

There's something more to this than 2 small defaults.


Did you get copies of your credit reports from all the reference agencies.

boucho11

I've subscribed to credit expert and noddle. To be honest they both reflect the same thing. My credit was a bit of a mess until Feb last year when i wiped everything out. It was only at about 290 at that stage. It has been improving slowly Month on Month. I recently got accepted for a small credit card but this is used and cleared in full each month. It's only for a limit of 250. It's only a month old.

saverbuyer

Get copies of all your statutory reports and bring them to an NI broker.

boucho11

I've done that already, he told me that until it improves I won't get a mortgage. Though I doubt very much he's looked at Sub-Prime, I know this as there was a search done by RBS which I'm assuming was him as I haven't applied for anything else.

He was fairly useless to be honest which is why I'm looking for a bit of info on here

saverbuyer

boucho11 wrote: »

I've done that already, he told me that until it improves I won't get a mortgage. Though I doubt very much he's looked at Sub-Prime, I know this as there was a search done by RBS which I'm assuming was him as I haven't applied for anything else.

He was fairly useless to be honest which is why I'm looking for a bit of info on here

It's not 2007, we have MMR now, I don't think sub prime exists anymore.