Hi wondering for some advice ? Me and my partner are looking to get a mortgage , we have a offer accepted on a property worth 100k. We have 10% deposit but could up it to 15 if required , have 4 defaults between us.all settled and all 3 years plus. Have no missed payments for 3 years between us, have a car on finance but again has never been missed , have a credit card each also which is always paid every month also , credit scores aren’t great because of past defaults but saying that they are at fair . Do yous think we have a chance of securing a deal .
On the face of it you certainly have a good chance of achieving finance, subject to a bit more detail..
10 percent could be possible, but 15 percent and you should certainly have solutions.
Your good conduct on recent credit commitments will certainly help, as will 3 months well conducted bank account statements for you both
What other details would be needed . I am full time employment ( key worker ) and my partner is currently furloughed but still receiving 80 percent so even if was just my salary , I could more than cover costs etc. And bank accounts are always up to date with money coming in monthly , do u think it is achievable .
The finer details always play a huge part of your potential success.
In your case your partner being furloughed could significantly hamper your chances. There are not many lenders that will include his furlough income (although there are still a few) and unless your income is affordable and potentially including your partner as a dependent this could be tricky....
Obtaining both of your credit files and getting them to an experienced broker should quickly confirm your solutions.
Please ensure you share the furlough information as this is likely to be a bigger barrier than the defaults bizarrely...
All the best