First Time Buyer advice, please!

jamiekg

Hi all, a couple of questions for anyone who is in a position to answer;

Our circumstances are, the girlfriend and I are looking to buy our first house together in Yorkshire, but I don't have the best credit history - I had a couple of defaults around March 2012. As it stands at the moment, we're looking to get a mortgage for around £105k-£125k, depending on what we see and what we like. We'll have about £25k for a deposit by the time we want to buy - in around 6 months time. We're both on a pretty decent wage - the missus is on £28,500 and I am on £30,000.

Is it better to wait for the default to drop off my credit record early next year, as this would affect any offer that we would be due to get from a lender, or would it make minimal difference as it stands? Or would it be better for the missus to try and get the mortgage by herself, baring in mind that her credit score is better than mine?

Timescales are flexible, as I appreciate that getting a mortgage does take a while, but what has been mentioned above is the ideal scenario. If anyone who is able to help needs more info, please ask!

Lilla_D

Hi,

Based on the details above, you could possibly get a mortgage now, but much will depend on what else is showing on your and your girlfriend's credit files, what your credit commitments are, etc. Since mortgage brokers here can't give advice, your best option really is to talk to someone and go through all the details. But to reassure you, so far the case doesn't sound too bad.

ACG

I would be pretty confident you can get a Mortgage. The issue is whether it would be normal rates (ie 2-3%) or higher (4-5%).

As Lilla says, it will depend on the details.