Any adverse credit mortgage brokers on here?

betweenarockandhardplace

Hello,

Just after a bit of advise first of all

Me and my partner want to buy a house in roughly 2-3 years time, I’m a first time buyer he isn’t, he owned a house 7 years ago which he sold,

I have just opened a l-ISA and will be putting £4K a year in over next two years which would enable me to get the 25% bonus making our deposit £10k

We will be saving up another £5-8k in a separate savings account with the hopes of securing a mortgage with just the money in the L-ISA and using the extra savings for fees and any work that may need doing to the house when we move in

We are looking at getting a £80-£100k house with £10k deposit

We earn £40k between us and will have zero debt by the time it comes to applying for the mortgage

Now for the bad points!

My partners credit history is perfect no late payments, no defaults and no CCJs low utilisation on his 1 credit card and he has £9k outstanding on car finance which most of which will be paid within 2 years, just general phone contract and internet and his bank accounts on there too

My history is a little patchy to say the least...

By the time we come to apply for the mortgage il have 6 defaults (lost my job) on my file all have been paid back and all will be over 3 years old, since they defaulted I have kept perfect history no late payments and my credit cards are used below £100 a month and paid in full, other history includes 3 fully paid back loans, 1 closed credit card, 4 closed bank accounts and phone contracts, the defaults are made up of 3 mail order catologue, 1 credit card and 2 mobile phone defaults

What would you say our chances were of securing any type of mortgage?

ACG

In todays world, there would be options including high street options, building societies and adverse type lenders - although high street is hit and miss and would depend on how your credit report looks.

In 2 years time, who knows where we will be with Brexit.

If you get an experienced broker on it when the time comes you should be ok. If you can get to 15% you will have many more options, but appreciate that is a big jump.

betweenarockandhardplace

We could up the deposit to 15% but it would mean having little or no money to spend on the house when we buy it, it would be a case of getting the mortgage and then saving up again, we want to avoid putting things on credit if we can help it