Available mortages to me

SamualGangee

As a bit of background I'm looking at buying a house with my wife but not until June time to give me time to save up a some more deposit. My wife has perfect credit history whilst I do not. I have 2 defaults:
£110 Vodafone (satisfied) from 2016
£420 Credit Card (paying off) from February 2018

I've had a clean history since the last default with no late or missed payments since then. I earn £45k with overtime of £8k a year and my wife earns £22k, looking for a HTB home anywhere from £300-£350k.

I have been looking around at what mortgages would be available to me with my credit history and come across the usual Precise, Vida etc. Does anyone know with my credit profile are these subprime lenders likely to be my only option? Is it to early to speak to a broker if I'm not looking to buy till June?

Thanks!

[Deleted User]

If you're hoping to buy in June, you need to get a move on.

Find a broker with experience of adverse credit.

ACG

Get the credit card satisfied sooner rather than later.
You are borderline high street, satisfying that will give you a better chance of it being accepted at normal rates. Obviously there is no guarantee with these things, but you want to put yourself in the best possible position and for the sake of a couple of hundred quid that you are paying off anyway, it seems like a no brainer. 

SamualGangee

Deleted_User said:

If you're hoping to buy in June, you need to get a move on.

Find a broker with experience of adverse credit.

I didn't realise I would be able to really start doing anything till all the deposit was saved up. Any advice on finding a broker, is it best to get a local broker?

SamualGangee

ACG said:

Get the credit card satisfied sooner rather than later.
You are borderline high street, satisfying that will give you a better chance of it being accepted at normal rates. Obviously there is no guarantee with these things, but you want to put yourself in the best possible position and for the sake of a couple of hundred quid that you are paying off anyway, it seems like a no brainer. 

Thanks for the advice, I'll get it paid off in full next payday!

fewcloudy

SamualGangee said:

As a bit of background I'm looking at buying a house with my wife but not until June time to give me time to save up a some more deposit. My wife has perfect credit history whilst I do not. I have 2 defaults:
£110 Vodafone (satisfied) from 2016
£420 Credit Card (paying off) from February 2018

I've had a clean history since the last default with no late or missed payments since then. I earn £45k with overtime of £8k a year and my wife earns £22k, looking for a HTB home anywhere from £300-£350k.

I have been looking around at what mortgages would be available to me with my credit history and come across the usual Precise, Vida etc. Does anyone know with my credit profile are these subprime lenders likely to be my only option? Is it to early to speak to a broker if I'm not looking to buy till June?

Thanks!

£53k a year, £75k combined, and you're 'paying off' 420 quid you owe from 2 years ago? 

SamualGangee

fewcloudy said:

SamualGangee said:

As a bit of background I'm looking at buying a house with my wife but not until June time to give me time to save up a some more deposit. My wife has perfect credit history whilst I do not. I have 2 defaults:
£110 Vodafone (satisfied) from 2016
£420 Credit Card (paying off) from February 2018

I've had a clean history since the last default with no late or missed payments since then. I earn £45k with overtime of £8k a year and my wife earns £22k, looking for a HTB home anywhere from £300-£350k.

I have been looking around at what mortgages would be available to me with my credit history and come across the usual Precise, Vida etc. Does anyone know with my credit profile are these subprime lenders likely to be my only option? Is it to early to speak to a broker if I'm not looking to buy till June?

Thanks!

£53k a year, £75k combined, and you're 'paying off' 420 quid you owe from 2 years ago? 

I only got a large pay rise recently - swapped careers. I moved house and forgot about it until 2 months ago when I got a letter about it. Didn't know if it was better to pay it off slowly and put all my spare money in savings for the deposit or pay it off it in full

Retired_Mortgage_Adviser

A comms default and a small one which you could pay off in one go. There's no need to knock at the adverse door yet.

As suggested by ACG, get the cc debt paid off asap as doing so will have a disproportionately positive impact on your credit history and likelihood of getting mainstream (or mainstream-ish) rates.

SamualGangee

Thanks for all the advice so far. I assume the chance of me getting a 95% mortgage on an old house rather than using the is not possible? It's just I have seen some older houses for around 240k near me.