Could I get a mortage?

nush2208

Hi all, I am hoping I can get some advice.
My boyfriend and I are looking to buy a house. My boyfriend already owns his own property, which is paid for in full (with inheritence outright) therefore neither of us has had a mortgage before. The current property is worth approximately £100k. We have our eyes set on a house worth £175k. We would attempt to use around £85-90k for a deposit and have a £85-90k mortgage. We are in an unusual situation where we will have a very large deposit but very poor credit circumstances. My boyfriend is self-employed and does not earn more than £7k per year. His wages are essentially used for the luxuries each month. I earn £30k and have a very stable job but I have three defaults on my credit report, one just as recent as January 2019. The debt was paid off just last month and so we are both debt free now. I have one missed payment over the past 12 months.
I feel like we over being very ambitious seeing as my boyfriend is self employed with a very low wage and I have such poor credit.
I have also heard that lenders wont give a mortgage to someone if the date of completion is after retirement age. I am 29 but my boyfriend is 45 and therefore could not get a mortgage more than 25 years.

Any advice or thoughts on our situation? Do you think I should wait and build up my credit before even attempting? I don't want to be saddled with high interest for years if I can avoid it but, the later I leave it the older we get! haha! 

Any views would be appreciated x

nush2208

Excluding the current coronavirus situation!  

lspell1

Your income isn't the issue for what you are looking to borrow. But a lot of lenders you're going to need (adverse credit lenders), are tightening up their criteria, due to everything going on.
The best thing you can do is start a relationship with a broker, send them over you credit reports and go from there. But with the market changing daily, it'd probably be wise to wait.

Thrugelmir

Why not sit tight. Save hard and let events unfold. As the property market is going to become moribound in the short term. You are in the fortunate position of having no mortgage or rent to pay. Time will help in rebuilding your credit file.