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Carlton99999 · 1 December 2017 at 2:12PM

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

ACG · 1 December 2017 at 2:23PM

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.

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