small (ish) mortgage with a poor credit file

dobbollah

I wonder if anyone has any recent experience who may be able to offer a thought.....

Situation....

We may be looking to buy a house with my dad.....value approx £400k. He will be putting £300k in, we weill have about £25k from the sale of our house so we'd want a mortgage of abut £75k. Our current mortgage is £170k and through all the hard times we never missed a payment.

Problem, my credit file is poor, we were in a DMP which finished in Jan 2016. I have a couple of defaults from Dec 2010 which will fall off my file in Jan ( I believe)

My wifes credit file is a little better but sits in the 'just below average' area.

We don't want to put an application if its pretty much an 'automatic no'

I know our credit file is poor but the bad stuff is 5 years old so wondered how much is based on affordability and how much is based on the rating.

sleepyjones

You'd probably need to go through a broker who might be able to find you a deal ... if you just apply directly to Lloys, Halifax, etc you'll probably get an automatic decline. At the application stage, I don't think they actually care how much the mortgage is for VS the house value, it's more about your "trustworthyness" as far as the credit is concerned and if you still have things appearing on your file then I doubt the system would look favourably on it.

Broker is the way to go.