just looking for some advice if possible. Myself and fiancé are looking to buy our first home early 2021, we want to start applying once I’ve completed my probation in my new job in February.
I have a very poor credit history (559) on Experian whereas my partner has excellent 999 score. I have a CCJ that will be 6 years in July for £350 fully paid first month it was issued. I also have missed payments for virgin media accounts which I’ve paid around 6 months ago. Didn’t realise they were on my file. Credit cards were hoping to be clear February maybe around £500 left.
I earn £43K but having some regular overtime on next couple of payslips and my partner earns £18K.
Living in the south east house prices crazy, we have £30k deposit to put down and hoping to get a house for around £280k.
How likely would this be for someone to lend us a mortgage? I wary of going to high street bank, they decline then affects our credit even more.
I’m 33 and partner is 32.
thanks for taking the time to read.
Our main offices are South East so certainly understand your point regarding house prices..
You probably already realise that at 15% deposit there will almost certainly be a solution from the details provided, although I think there could be solutions now with a 10% deposit.
There are limited lenders in the 10% (often called 90% Loan to value) but your credit history has potential for a high street mortgage with this deposit and you don't technically need to be off probation for all lenders.
I wish you well into the new year, it is a stressful process and therefore you are wise to do enough research as possible now
thanks for your reply. So even with my very poor score it would still be possible for a high street mortgage? As this is all new to me, if I used your company for mortgage application, would you search high street lenders as well as bad credit mortgages at the same time?
As we want to start the ball rolling we were hoping the 10% deposit would be sufficient for a mortgage.
thanks in advance
Any broker should always assess your high street options firstly as certainly will be more cost effective.
Be mindful that high street lenders will always perform an automated credit score (rather than having set criteria) and therefore you can only optimise your chances of success through your broker, rather than being able to guarantee anything..
As we are looking to get the ball rolling mid February time can I ask for yourself? Also what is the typical fee?
Most welcome and you can certainly ask for me, although any adviser here will work to the same end result..
Our fee is £1,995 payable only on the production of a form Mortgage Offer and therefore there is no cost to understand and obtain the options to you in advance.
All the best
That’s great appreciate your help Hayley