mortgage with bad credit but partners is perfect

jall199581

im looking for abit of help regarding mortgages….we are first time buyers and looking at getting a mortgage pretty soonish (hoping prices drop) but unfortunately i was a little silly back in the day and got myself into a never ending spiral of payday loans 🤦🏼‍♀️ ive not had one for nearly 3 years, ive had 4 defaults 1 has just gone off my credit file and one was at beginning off this year however they are all paid off, ive got a Very account but thats nearly paid off, My partners credit is perfect never had any issues at all, never !!!!!! a payment or anything, just wondering what our chances are at actually getting accepted for a mortgage? im a very buf worrier and i hate thinking ive ruined our chances forever so serious answers would be appreciated please, Thanks x

Ebe_Scrooge

Assuming this will be a joint mortgage - a decent broker may be your best bet.  They often have access to products for those with a less-than-perfect credit history.

K_S

jall199581 said:

im looking for abit of help regarding mortgages….we are first time buyers and looking at getting a mortgage pretty soonish (hoping prices drop) but unfortunately i was a little silly back in the day and got myself into a never ending spiral of payday loans 🤦🏼‍♀️ ive not had one for nearly 3 years, ive had 4 defaults 1 has just gone off my credit file and one was at beginning off this year however they are all paid off, ive got a Very account but thats nearly paid off, My partners credit is perfect never had any issues at all, never !!!!!! a payment or anything, just wondering what our chances are at actually getting accepted for a mortgage? im a very buf worrier and i hate thinking ive ruined our chances forever so serious answers would be appreciated please, Thanks x

@jall199581 Based on the limited info in your post, you should have access to mortgage options as long as you have a decent sized deposit.

What kind of lenders and rates you're looking at will depend on what exactly your credit reports look like and the details for the defaults.

If you are intending to start viewings, it would be advisable to speak to a broker first to get a realistic picture of your options so you can decide whether to go ahead or park for later.

Beeboo23

Anecdotally I know a couple that was in a similar situation. They still got a mortgage, they were just offered a slightly higher interest rate due to his previous CCJ. 

dan2406

Interestingly you mention this. in 2020 this was the same issue I was in. Though there were 9 defaults however all balances were at £0. With a good broker we got a mortgage fine. my advice is make sure your defaults are either £0 or close enough and you will be fine