Trying my best to buy my first house...

pandabearlottie

Me and my partner are in our 30s trying to buy our first home. 

Positives

• The mortgage is a really small amount (We are buying the home we are currently renting) 
• Our deposit is 15%
• We both have permanent full time secure jobs
• Our bills are all paid on time from our joint account. 
• We have life insurance.
• We pay our credit cards off every month.
• We have put together expenditure charts/savings charts and worked out affordability.
• We have stress tested our mortgage interest rates up to 10% (i know - unlikely but I wanted to be sure)
• We have cut down on unnecessary leisure costs.
• Thanks to my budgettting and taking control of our finances my partners score has gone to good/excellent.
• We have no debt to pay off, no loans, no CCJs, no IVAs etc... 

Negatives

• I defaulted on an old Halifax account in 2017 - I had an overdraft and at the time was heavily charged for having one which i couldn't keep up with so i defaulted and then set up a repayment plan, didnt miss a payment and when i could start paying extra i bulk paid and paid it off in full last year.
• I have a few payday loans on my report. Something I am so ashamed about but it was a last case scenario during a desperate time. 
• My credit score sits at poor/fair.

Our mortgage broker doesn't sound confident he can find us a mortgage and I am just absolutely heartbroken and exhausted. I am so stressed I didn't even know this level of stress existed. The tiniest thought of mortgages and i feel sick with tears in my eyes. My credit card was paid off to £0 and because i didnt use it last month, my credit score went from fair to poor and i was distraught. I know the credit 'score' itself doesn't matter but it is still soul destroying.

My question is- based on the above, do we stand a chance of getting a mortgage? I feel as though i am the one who is majorly letting the team down here as the negatives are all my issues, Mortgage broker doesnt help as he keeps advising my partner takes it out on his own but we want to do this together.

Any advice, anything at all would be helpful.

K_S

@pandabearlottie I don't see enough in there to say that you won't get a mortgage at 85% LTV. How recent are the payday loans? Are they all closed? Any other adverse on the report besides the Halifax OD default?

pandabearlottie

@K_S thank you for your comment - Yes paydays loans were all fully repaid on time - last one was fully repaid and closed in 2019. No other adverse just the Halifax Default everything else has been paid on time just those couple of silly mistakes. 

pandabearlottie

K_S said:

@pandabearlottie I don't see enough in there to say that you won't get a mortgage at 85% LTV. How recent are the payday loans? Are they all closed? Any other adverse on the report besides the Halifax OD default?

thank you for your comment - Yes paydays loans were all fully repaid on time - last one was fully repaid and closed in 2019. No other adverse just the Halifax Default everything else has been paid on time just those couple of silly mistakes. 

K_S

pandabearlottie said:

@K_S thank you for your comment - Yes paydays loans were all fully repaid on time - last one was fully repaid and closed in 2019. No other adverse just the Halifax Default everything else has been paid on time just those couple of silly mistakes. 

@pandabearlottie In that case, based on the limited information in your posts, I don't see why you wouldn't be able to get a joint mortgage at 85% LTV at mainstream-ish rates. Your broker might be suggesting applying in the partner's sole name so you can get the very best rates out there.