Can I get a mortgage with 5 defaults with my partner?

nigelf12345

Hi. Myself and my partner are looking into getting a mortgage next year. Between us both we earn about £33k a year. I earn about £10K and my partner earns £23k. We were going to rent but realised it is dead money and we would much rather save up for longer and get a house instead.

Unfortunately when I turned 18 I was extremely irresponsible with my money and ended up with 5 defaults registered on my file between April and July 2019. I have since realised how stupid that was and come lengths in realising how to manage my money. I am wondering is it possible to get a mortgage with those defaults on my file, they total around £1300 and are from a phone contract, two credit companies etc. I am currently paying these off.

 By the time we plan on getting a house these defaults will be over 3 years old. I am not sure if that makes it any better. My partners record is squeaky clean. He earns more so unsure if they take his accounts more into consideration. We will have around 10k saved up by this time next year. Any help and advice would be great thanks, otherwise renting will be our only option.

[Deleted User]

I think you would find it difficult to get a mortgage with 5 defaults. Always best speaking to a broker who knows the lenders etc. The problem is because your credit history starts when you're 18, you don't even have 6 years of history and in the years you do have, you don't have a great record and you haven't paid these debts off yet. Myself and my partner had to rent quite a while before we could get a mortgage (he had adverse credit history from 2013). My positive advice would be to get your debts paid off asap and live with family while saving, if you can't do that then renting is something you may have to do but temporarily. Good luck 

xcvx

@nigelf12345 Hiya I have 5 defaults between April and Dec 2018. I also had payday loans and multiple credit accounts around the same time. We have just got out mortgage with Precise Mortgages. No fuss at all. Get a good broker.  

Stenwold

Unless you've actually been charged for fraud, or have any unspent convictions hanging over you, it's likely there is a lender somewhere that will offer you a mortgage - save yourself the hassle of looking and speak to a broker (I wouldn't expect any good deals, though).

ACG

Your deposit might be a little on the light side.
The defaults can be overcome, but I think in the current climate you are probably looking at a 15-20% deposit.