Struggling first time buyer

holg123

My partner and I have a deposit but we are struggling to get a mortgage. He has a bad credit rating but an ample salary, I have good credit but a lower income. We have tried getting a mortgage in his mums name but because she is paid annually instead of monthly the bank won’t offer her one. We considered a guarantor and decided this would be our best possible way going forward, however my parents won’t commit. Do we have anymore options as first time buyers as we would like to move out ASAP?

Caz3121

holg123 wrote: »

He has a bad credit rating but an ample salary

what does his credit history show? CCJs, missed payments, payday loans? how long ago was the bad credit? what has your broker suggested?

ACG

What does he have?
When were they registered?

As a percentage of the purchase price, how much is your deposit/

holg123

I had a quick nosy at his clear score just to see the positives and negatives, partly because he isn’t registered on the electoral roll which I have advised him to do. He has been applying for loans for his brother and being rejected for them, it said that there was a few in the past 9 months. How long do these stay on your record for?

holg123

We are working towards 10%, his mum gave us £12,000 and he has £5000 of his own savings.

The house we wanted was advertised at £124,995 but have reverently doiscovered that’s part of the councils affordable housing scheme and I don’t think we qualify to get the house for that price so we have to pay 25% more.

ACG

Applying for loans and not being on the voters roll is not enough to not be able to get a Mortgage. You need to have a look thrugh the full report.

If there are no defaults, CCJs etc then you should have options, but you might need to speak to a broekr if you have had too many credit checks carried out in short succession.