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First time buyer (joint) - slightly dubious credit history
GM1880
Posts: 169 Forumite
Evening MSEers,
Keen to pick your brains. I'm doing a bit of research too, but though some of you may have some useful information
I was to buy a first house with my better half, she's bought before (though now sold), I've not. Her credit history's excellent, mine's not. A 3 year old CCJ and a 4 year old default.. Though the latter I'm applying to set aside, probably 50-50 chance of success according to my solicitor friend.
So, speaking to a few brokers, it appears we can get a mortgage which will be at a slightly higher rate. I accept that and will pay the extra £100 or so a month that will incur. Our joint salaries are c.£100k and no debt to speak of. Deposit wise, could get £40k or so together.
I'm told the help to buy scheme for new builds may be a good option given the deposit will be lower, but in terms of getting those mortgages which I believe are quite specialized, is my bad credit likely to preclude me from those versus a lender who accepts so so credit history? Plus without the CCJ, will a single default be considerably less problematic?
Keen to pick your brains. I'm doing a bit of research too, but though some of you may have some useful information
I was to buy a first house with my better half, she's bought before (though now sold), I've not. Her credit history's excellent, mine's not. A 3 year old CCJ and a 4 year old default.. Though the latter I'm applying to set aside, probably 50-50 chance of success according to my solicitor friend.
So, speaking to a few brokers, it appears we can get a mortgage which will be at a slightly higher rate. I accept that and will pay the extra £100 or so a month that will incur. Our joint salaries are c.£100k and no debt to speak of. Deposit wise, could get £40k or so together.
I'm told the help to buy scheme for new builds may be a good option given the deposit will be lower, but in terms of getting those mortgages which I believe are quite specialized, is my bad credit likely to preclude me from those versus a lender who accepts so so credit history? Plus without the CCJ, will a single default be considerably less problematic?
0
Comments
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The default on its own would be less problematic, but nothing that a good broker shouldn't be able to handleI am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0
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