Mortgage Advice - complicated situation

Gemblue

Hello all! I'm hoping someone could help to advise before I go back to my Mortgage Advisor...

Long story short... I'm married but want a mortgage without my spouse. I earn £33000 a year but pay out £243 a month in childcare vouchers. Currently £10000 deposit. No debt or other credit commitments. One credit card - virgin - credit limit £4500 with zero balance. Never had an overdraft. Clean and well maintained credit accounts with current mobile, British gas... the exception of a late payment on Orange account 18 months ago ('1' and settled and closed) and a '2' on another phone account settled and closed) from two years ago which happened as a result of cancelling DD before final bill.

Have an historic arrangement to pay (settled and closed in Dec 2011) showing. This is with the Financial ombudsman and adjudicator has ruled that this should be removed. Company disagree so with ombudsman now awaiting final decision.

My question is...

Worst Case scenario: Can I get a mortgage, without my husband, with this arrangement on my file? Mortgage advisor says I won't be able to...

Best Case scenario: If I am successful in having arrangement removed from credit file is there any chance I can get a 95ltv with the aforementioned late payments?

Also, can you get mortgages at say 92ltv? Also, how much would I be able to borrow? Mortgage advisor thinks around the 130000 mark.

I'm sorry for all the questions. I really would appreciate any help and advice. I'm going round in circles with this... Rented property is being sold in August!

ACG

Potentially. It depends on how it appears on your credit report.

Again, potentially. It depends how your application scores and why you do not want your husband on the Mortgage.

Yes, any LTV it doe not need to be a round number so even 92.2%.

£130k is about right.

Everything combined is a bit of a nightmare. Get the credit report cleared and take a look at it. 92% in your name whilst married with adverse is not going to happen.

Why do you not want your husband on the Mortgage? There are not many lenders who will do a sole application for a married couple.

Gemblue

Thank you both for the quick replies. They are exceptionally helpful.

Husband is a no-go. He has adverse so any application will have to be in my name alone. I understand that this limits my options but broker seems to think that I could still be looking at a highstreet lender if this arrangement to pay is removed or is he being a little too optimistic here?

ACG would you mind explaining more by what you mean by 'how it appears on the credit report' please? Also, how do banks credit score - is there anything I can be doing to make myself more credit-worthy?

I hadn't thought of speaking with the phone Company- I'll give them a call tomorrow. Thank You for this suggestion.

I really appreciate your advice, both of you

ACG

There are very few high street lenders who will allow a single application for a married couple, your options are limited, it can be done but with the small deposit and arrears/late payments etc there is no guarantee it will be accepted.

How it appears on your credit report...does it shouw as AR or does it show gradually getting more and more in arrears until it was cleared - I do not need an answer, but that is what the broker should be looking at.

There is no actual credit score. The lenders take the information from your credit report and combine it with the information on your application and then score your application.

There is probably not a lot you can do. With any sort of adverse, time is the greatest healer.