Bad credit mortgage

[Deleted User]

Not looking for advice on how we shouldn't be buying, or judgement on my credit history, just need some help on what I'm asking thanks!

So my husband and I are looking to buy our first property. I have bad credit history, so after speaking to a broker we got an AIP with Precise and put an offer in on a flat, which was accepted. We have just discovered that the property is ex-council and Precise won't lend on it.

I am now wondering if there is another way to get a mortgage? My parents offered to be guarantor but our broker advised this wouldn't make a difference with my bad credit history on the application (my husband has a squeaky clean credit history). He can't apply on his own as he wouldn't be able to borrow enough on just his salary (not even sure this is possible if we are married?) But this led me into a final query- if his parents acted as guarantor so he could apply alone, would this be allowed if we are married and I'm going to live in the property? Do you think this would work? I am aware of the implications of not having my name on the deeds etc, just looking for advice on what I've asked. Thanks!

ACG

Your parents can not act as a guarantor for your husband. Its a non starter so may as well knock it on the head.

What adverse do you have and mor eimportantly when is it dated?

[Deleted User]

His parents would act as the guarantor, not mine.

I have a default for about £850 that was registered in October last year, it is settled but I know Precise are about the only lender that will consider defaults less than 3 years old.

Thrugelmir

The mortgage has to be affordable to the prospective borrowers. That's a base fact. The requirement for a guarantor is a different matter. Simply another level of surety as the profile of the potential borrowers gives rise to concerns.

ACG

Sorry I misunderstood.

There are not many lenders who do guanrator mortgages, so your options would be very limited.

What was the default for/who to?
How much is your deposit (as a percentage of the purchase price)?

[Deleted User]

Unfortunately it was for a PDL.

We have a 15% deposit on a £273000 property, we both earn quite well so affordability isn't an issue if we were applying together, but might be just out of reach were my husband to apply on his own.

Thrugelmir

[Deleted User] wrote:

Unfortunately it was for a PDL.

we both earn quite well so affordability isn't an issue if we were applying together,

Unfortunately from many lenders point of view. Affordability may well be the issue. Defaulting on a PDL and the reasons behind the PDL. Will give rise to concern. As a reflection of you and your credit profile.