Mortgage help needed

Douglas78

Hello all,

I’ve come here to get some advice. I’m looking to get a mortgage. Now I’ve had some issues and always found it hard to get credit it the past. This is due to me and the wife been very silly in the past.

We are now looking to pay off all our debts (we have started, but only just) we both have an above average income. We have about £19,000 of old debt. We have a good plan to have that all paid in about 6 months.

Now my credit score is very poor, my wife’s is poor. We have spoke to a mortgage adviser and he thinks we get a mortgage in 6 months. Now I’m not sure we did email him our score so he seen how bad it was.

I’m just looking for advice on what I can do bring up my score, what is the chance of getting a mortgage. Also our two kids who work also want to help. They both live at home have an ok income £30.000 each. Can they be included on an application?

Any help would be great!

Cheers

ACG

A broker wont be interested in the score, it is the payment history that is the important bit (the green and red markers).

Im not sure why you would want your kids to go on there:
1) At the minute, they are eligible for a reduction in stamp duty being first time buyers (assuming they are), when they go for their own home, they will miss out on that.
2) You would be financially associating them with yourselves. Meaning you are actually causing them a fair bit of damage at an early stage in their lives.
3) It is not a really a case of 2 bad + 2 good = 4 average. It may help, but not massively when scoring your application.

IF the broker has not seen your credit reports, I would suggest speaking to another. "try again in 6 months" in my experience translates as, I have too much on my desk. The only time I have said try again in 6 months, I also explain why and what the difference will be in that period of time.

Douglas78

He said in 6 months so I could get a deposit.

As for my kids i was just asking if that would be a good option for us all.

juniordoc

It doesn't sound possible that you could pay off all of your debts and save up a deposit plus solicitors/survey fees in 6 months.
That's not to say that you may not be able to get a mortgage in the future, but paying off your debts should be your first priority for now.

Douglas78

The plan we have is:

£19,000 debts paid in 3 months
Deposit and fees in 6 months.

So we are looking about 9 months. The money is not the big issue. It’s will I be able to get a mortgage even with my past history?

ACG

You have not said what the issues are. The debt may not need to be cleared assuming it it sup to date and fits affordability.

Normally with a 15% deposit a lot can be overcome, but it will come down to the finer details.

Thrugelmir

Douglas78 wrote: »

£19,000 debts paid in 3 months
Deposit and fees in 6 months.

Choosing when to start repaying your old debts when you obviously could of previously, won't wash too well. As is reflection you as potential borrowers. You may find historic issues therefore raise themselves with mainstream lenders.