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  • FIRST POST
    • LLE2019
    • By LLE2019 15th May 19, 8:18 AM
    • 4Posts
    • 1Thanks
    LLE2019
    Do I stand a chance of getting a mortgage now?
    • #1
    • 15th May 19, 8:18 AM
    Do I stand a chance of getting a mortgage now? 15th May 19 at 8:18 AM
    So I am considering applying for a mortgage but don't want to put myself through the process if my chances of approval are not good. I am currently renting and my tenancy is due to end in 2 months, I really don't want to renew as I am not happy living here, my parents have said i can stay with them for a while if needed.

    I am a single mum of 2. I work part time earning 26,000. I have found a property i like which is on the market for 100,000. I do have 15,000 saved. Here is the problem, I had a default for 400 23 months ago on a current account (It was during the period of splitting with my husband and I have also missed payments on a utility bill from the same period) All are now settled (Only a few months ago). I have no other debts or credit issues since.

    My question is will the default and missed payments make getting a mortgage impossible. I did have a brief conversation with London and County, but to be honest he wasn't very helpful, just told me it is risky.

    Any advice would be much appreciated
Page 1
    • MovingForwards
    • By MovingForwards 15th May 19, 8:35 AM
    • 976 Posts
    • 1,169 Thanks
    MovingForwards
    • #2
    • 15th May 19, 8:35 AM
    • #2
    • 15th May 19, 8:35 AM
    Do you pay child care? If so how much as that may have an impact.

    Your reasons for your credit history blip are understandable.

    See a decent, independent, whole of market broker and I'm sure they can sort you out.

    The brokers will be along at some point to let you know and possibly ask other questions
    • LLE2019
    • By LLE2019 15th May 19, 8:38 AM
    • 4 Posts
    • 1 Thanks
    LLE2019
    • #3
    • 15th May 19, 8:38 AM
    • #3
    • 15th May 19, 8:38 AM
    Thank you for your response. No i don't pay childcare, my eldest goes to school and my youngest I look after her half the week and her father the other half, hence me only working part time
    • amnblog
    • By amnblog 15th May 19, 11:40 AM
    • 11,049 Posts
    • 4,407 Thanks
    amnblog
    • #4
    • 15th May 19, 11:40 AM
    • #4
    • 15th May 19, 11:40 AM
    The default is not a barrier to lending.

    The affordability could be tricky, especially if there are loans or credit card debt.

    If your ex contributes maintenance, that could help.

    Speak to a sensible mortgage broker.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, 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.
    • LLE2019
    • By LLE2019 15th May 19, 11:47 AM
    • 4 Posts
    • 1 Thanks
    LLE2019
    • #5
    • 15th May 19, 11:47 AM
    • #5
    • 15th May 19, 11:47 AM
    Thanks, maybe i need to be looking at a lower value property, I have seen a couple around the 85k price, not sure if that would be more affordable in the eyes of a lender.

    I don't have any debts or outstanding credit card debt.

    My ex doesn't pay maintenance as such but does support her in buying clothes, paying for anything she might need etc.
    • LLE2019
    • By LLE2019 16th May 19, 11:36 AM
    • 4 Posts
    • 1 Thanks
    LLE2019
    • #6
    • 16th May 19, 11:36 AM
    • #6
    • 16th May 19, 11:36 AM
    Does anybody know realistically what kind of property price i should be looking at? It is all so confusing!! Earning 26k, no debts, 2 children but no childcare costs. 15k deposit?
    • stu2500
    • By stu2500 16th May 19, 2:16 PM
    • 138 Posts
    • 19 Thanks
    stu2500
    • #7
    • 16th May 19, 2:16 PM
    • #7
    • 16th May 19, 2:16 PM
    Does anybody know realistically what kind of property price i should be looking at? It is all so confusing!! Earning 26k, no debts, 2 children but no childcare costs. 15k deposit?
    Originally posted by LLE2019
    I always thought this calculator was helpful when I was thinking about affordability for my mortgage

    https://rbsintermediaries.hdddirectsolutions.co.uk/Natwest

    Only use as a rough guide, but it is a good insight into lending limits. As above, try and find a broker that comes recommended who can help you
    • MovingForwards
    • By MovingForwards 16th May 19, 2:58 PM
    • 976 Posts
    • 1,169 Thanks
    MovingForwards
    • #8
    • 16th May 19, 2:58 PM
    • #8
    • 16th May 19, 2:58 PM
    Does anybody know realistically what kind of property price i should be looking at? It is all so confusing!! Earning 26k, no debts, 2 children but no childcare costs. 15k deposit?
    Originally posted by LLE2019
    Just done a quick check on Halifax's website and its a bit over 110k, assuming you have no outgoings aside from the usual food, clothes, utility bills etc.

    Find a good whole of market broker, have a chat and see what they say
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