Me and my partner are looking to buy our first home!
I have good credit but currently on furlough - (we understand we may have to wait until i’m back at work which isn’t an issue as this will be in May!)
But my partner has a default which is on his file as settled as the full amount was paid, this was 31/03/2020.
Will the default affect us getting a mortgage?
The default will certainly be a consideration, but not necessarily a dealbreaker subject to the rest of the details.
There are a few lenders that will consider furlough income, although not many.
Was the default registered in March 20 or satisfied in March 20, at which point what date was it registered?
Thank you! Thanks for the quick response. We don’t mind waiting until i’m back full time if we know we will be able to get one once i’m back if that makes sense, or even if we need to wait until the default is a little older we just need to know how long etc!
If we could get one this year that would be amazing but we just need pointing in the right direction really.
If it isn’t possible in the next few months then when should we try?
Default date 31/03/2020
Date satisfied 30/04/2020
Most welcome, without a full analysis I could not commit but this is likely to come down to your deposit.
If you have 15% this is likely to be achievable, or a 5% deposit and purchasing a new build property. As the products/lenders continue to return 10% could be likely once you return to work post furlough..
In the meantime, ensure you are managing your primary current accounts really well as this will support any application in the future
Great thank you for your advice! I have sent over a more detailed email over this morning with credit files etc.