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    • Carlton99999
    • By Carlton99999 1st Dec 17, 1:12 PM
    • 4Posts
    • 0Thanks
    • #1
    • 1st Dec 17, 1:12 PM
    Help 1st Dec 17 at 1:12 PM
    Hi guys,

    I have come to the conclusion that i have no chance of getting a mortgage! My credit is at 530 with multiple missed payments and a default what came on my fike just now! Also i am self employed!

    Are only just now is my partner she has 1 years books self employed putting 20k profit through her books?

    We have 25k deposit

    Is there lenders out there who will lend to her and if so how much can she borrow?

    Thank you
Page 1
    • ACG
    • By ACG 1st Dec 17, 1:23 PM
    • 16,833 Posts
    • 8,784 Thanks
    • #2
    • 1st Dec 17, 1:23 PM
    • #2
    • 1st Dec 17, 1:23 PM
    How did you come to that conclusion? Have you put your credit report in front of a broker with experience in adverse?

    The market for those with bad credit is better now that it has been in at least the last 5 years since I have been a broker. I do a lot of mortgages for those with bad credit and there are lenders who will ignore certain defaults (usually mobile phones) and/or those with a value below a certain amount.

    But to answer your question, as a general rule of thumb, you can lend around 4 to 4.5x your income with your deposit on top making the final maximum purchase price. If the deposit has come from you in any way, then you may well struggle with 1 years accounts.

    Speak to a broker, this is the sort of thing where we come in to our own.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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