Looking to buy first house

Glasnost

Hi ,

im looking to buy my first house and looking for a little advice. I’m currently working my way through paying off all my debt so that I have nothing outstanding when I come to apply this summer. My wife’s credit history is really bad so no way she’ll be able to get a mortgage with me, will this effect me being able to get one? Additionally we have 2 kids so I have to add these to my application form which severely impacts what I can afford as it doesn’t take in to account the money my wife earns.

any thoughts,ideas welcome. 

Thanks in advance 

dimbo61

You really need to speak to a broker who can hold your hand and help you search the market for the best deal in your circumstances.
They can do credit searches on both yourself and your wife to see how bad things really are.
Keep saving and paying down your debts.
You can't go house hunting until the lockdown ends and you know if you can get a mortgage and how much you can borrow.

Glasnost

Thanks for your reply, I know my wife won’t be eligible as she has defaults and all sorts on her credit file. As you say, I need to speak with someone but I think I know the answer already unfortunately 

MovingForwards

Having defaults etc doesn't always stop people getting a mortgage otherwise many of us would still be in rental / living in the family home.

Obtain copies of all your credit reports, for both of you, find a good whole of market mortgage broker, who does understand adverse credit and see what s/he says.

Glasnost

That’s great, appreciate the help. I’ll have a search of the local area and see what they say. Thanks again

steampowered

The fact that your wife has defaults on her credit file doesn't necessarily mean she can't get a mortgage. A good broker should know which lenders are likely to be more accommodating.

If you are still working your way through debt, it doesn't sound like you are in a position to take a mortgage either? Where is your deposit going to be coming from?

reefer37

if you still have debts does that mean you have no deposit. first thing broker will ask is how big a deposit you and i imagine coming out of lock down you will need a bigger deposit than before

RyanHello

With the current wage stagnation in the UK and the financial problems coming up after this pandemic, buying a house now is like placing a two tonne iron chain around your neck. 

Build yourself an emergency fund, save and invest.