small (ish) mortgage with a poor credit file

dobbollah

I've asked this is the mortgage section as well but knowing that people who have been in my shoes will be looking at this section I thought I'd ask it here to............

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.

[Deleted User]

An independent broker might be able to sort something, seeing that you have the such a large deposit.

Fireflyaway

I asked a mortgage person similar question just this week. I have defaults and a low credit score. He said if the defaults are over 2 years old there is a chance that one of the more specialist lenders could help. It usually means needing to have a larger deposit and a higher interest rate but he seemed to think if you use a whole of market broker something should come up. Good luck, I hope you manage to get a mortgage.