First Time Buyers - can we get a mortgage?

shell88

Hi,

I've been reading this forum for a while now and was wondering if you could offer some advice to put my mind at rest?

My partner and I have moved back to our parents house to save for a deposit for a mortgage. We are hoping to buy at the end of the year. We hope to have £20-30k deposit on a house value of £200k max.

However,my credit history isn't the best but my partners is.

Just had a look at my credit report on noddle. I have 1 default from 2012 for £349, which is satisfied and 1 default from 2011 for £350 which is also satisfied. I also have about 15 settled payday loan accounts dated back to 2011-2012. At the time of applying I will have 2 credit cards with zero balance which have always been paid on time,and a loan of £7500 with £6250 outstanding which I am repaying monthly and have never missed a payment. Also a littlewoods account with £2500 outstanding balance.

My partner has a good credit history with only 1 missed payment last year.

Are we able to get a mortgage in these circumstances? Any help on getting us in the best shape would be much appreciated!

Thanks x

Jon_B_2

Your salaries would help...

Teqpro

Hi,

You need to speak to a broker as from my experience, i can see you have 2 things that will go against you when applying for a mortgage. 1.Your payday loans 2.your outstanding debt.

You should use some of your deposit and settle your outstanding debt, keep zero balancing and then slowly your credit rating will rise.

shell88

O yes, would help! I earn £20k and my partner £26k.

I would be able to use deposit to pay outstanding debt as its a gift from his parents..

kingstreet

Yes. You will get a mortgage.

Pay everything on time.