Joint Mortgage With EE Default

Yoshi18

Good evening,

Just looking for a little bit of advice if possible, within the next month or 2 we are hoping to apply for a mortgage.

Mortgage value £90000 (10% / £10000 deposit)

Applicant 1
Salary - £35000 (approx £55000 total including bonuses and overtime)
No debts and clean credit report.

Applicant 2
Salary - £13200
No debts but 2 settled defaults in Sept 2015 from EE / Orange.

The main question is, do you think we will need to go to a specialist mortgage advisor due to the defaults? Or will we be okay going to the mainstream high-street lenders?

Any advice is greatly appreciated.

fiisch

High street lender should work.

Ignoring overtime and bonuses (depends for how long historically and how regular they are as to whether a lender will consider), you're not even at a 2x lending multiple. Lenders will often go as high as 4.5x, so you're not stretched affordability-wise.

The defaults are long enough to go to have only a minor impact - I'd suggest because it's a comfortable income multiple, most high street lenders will be comfortable with your circumstances, not taking into account the extras.

If you haven't already, I'd get Noddle reports and check credit histories and scores are otherwise okay.

amnblog

Yes, use a Broker, who will put you in front of lenders who wont have a problem with the defaults.

ACG

High street lenders should be an option, but I think a broker is probably not a bad shout. They will (hopefully) know which lenders it is unlikely to fit with.
When applying for a Mortgage you not only need to fit criteria but also pass the credit check. So there may be lenders you fit with on paper but are unlikely to pass with when it comes to it.