Do you think we could get a mortgage?

soki9111

Hi
I have been reading some posts on this forum and just wanted some advice. I am still new this. We are FTB. Husband and I earn 50k joint. Have a 20k deposit.
My credit history. I did go over credit card limit in January 2016. But have recently got rid of 3 credit cards. Only have one credit card with no balance owing. No defaults, no payday loans, loans etc
Husband has 2 defaults we've just found out about from 5yrs ago a result of payday loans. They have not been satisfied and we are currently going through a complaint as we believe the loans were unaffordable and we may get the default removed. We can afford to pay them asap, but not sure if we should wait and see how our complaint goes. He doesn't have anything else that would affect his application. No credit cards/loans in the past 2 years.

Should we still go ahead and apply for a mortgage asap ? We've just found out were having a baby and would like to get this sorted before I go on maternity leave in December.

Thanks in advance.

ACG

I would speak to a broker. You are not going to have the choice of any lender even if the defaults are removed. It could be possible but it omes down to the finer details.

BelfastFTB

Maybe too much of a personal question to answer, but is this a planned pregnancy...? If so, one would assume a few banked £££s and of course, a big change in circumstances for you both. Dependents are one of the first things mortgage lenders consider, and you'd have to get professional advice, but I assume if you know one's on the way you'll have to declare this.

I would presume a baby and all its associated expenses are going to affect your affordability which is a more important guide on your ability to make regular repayments, than your credit history.

And did you mean Jan 2015? If so I doubt that will be too much of a concern, if you made a payment to bring your card back to within its limit.

soki9111

@Belfastftb
Unfortunately it was this January, only by £13 but I did pay it back within a few days.

Yes it would make a change to income temporarily. But it's is still affordable for us. Not sure how lenders would view this though. It was a surprise for us.

I will speak to a broker to find out where we stand.

Thanks for replies.