default - any chance of getting a mortgage

Snakes

Hi,

I am after some advice/help if possible.

My partner and I are looking at buying our first property. We will be looking at properties around £100k and will be putting a 10% depositdown.

I earn £20k an year and my partner earns £12k

They problem is my partner has a settled default on her account (only 12 months old).

I wondered if we actually stand a chance of getting a mortgage or is it best to look at renting?

Any help would be much appreciated.

Regards,

Sam

HappyMJ

Snakes wrote: »

Hi,

I am after some advice/help if possible.

My partner and I are looking at buying our first property. We will be looking at properties around £100k and will be putting a 10% depositdown.

I earn £20k an year and my partner earns £12k

They problem is my partner has a settled default on her account (only 12 months old).

I wondered if we actually stand a chance of getting a mortgage or is it best to look at renting?

Any help would be much appreciated.

Regards,

Sam

The font is too small...please just leave the standard one in place.

You could get a mortgage with an old (over 12 months) default but what are your plans?

If you're planning on raising a family with your partner staying at home you might just be better off renting and claiming some housing benefit on your £20,000 wage. You also get the benefit of mobility to move when a better job comes up or if you need to upsize or downsize.

If however you can find your forever house (one in which you want to live for at least 7 years or so) then you can still find a mortgage but you won't be able to get any help with the mortgage payments should one of you be out of work whilst looking after a family...it'll be very tight saving an emergency fund on your wages alone.

Dave_Ham

You are likely to need to wait until you have a 15% deposit, at which point there may be opportunities.

Either that, or renting for a couple of years may be the only option unless you want to buy in your sole name (subject to many variables)

Snakes

Sorry about the font and thanks for the quick response.

We don’t have any plans to bring up a family just yet. This will be a house we plan to stay in for at least 7 years (we wouldn’t want kinds before this time).

That’s really positive news that we will be able to find a mortgage. Do you have any examples of lenders that would be willing to accept a 12 month old default so i can get an idea of monthly costs?

Many thanks

libf

Snakes wrote: »

Sorry about the font and thanks for the quick response.

We don’t have any plans to bring up a family just yet. This will be a house we plan to stay in for at least 7 years (we wouldn’t want kinds before this time).

That’s really positive news that we will be able to find a mortgage. Do you have any examples of lenders that would be willing to accept a 12 month old default so i can get an idea of monthly costs?

Many thanks

You'll need to engage a broker for that information, most likely.