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1st time mortgage help please!
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Mrs O
1 Posts
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04/11/2021 - 7:36 pm

We have a deposit of £22000. My husband’s credit is good. I have 3 defaults on my credit file. I have satisfied 2 in last 4/5 months. We have spoken to a broker who said because of my default we need to have at least 15% deposit to get a deposit. Is there a way we could get a mortgage with 10% because honestly we can’t afford to save up to 15%? Also, l work part-time 20 hours a week. My husband has been self-employed for the last two years.

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101 Posts
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05/11/2021 - 8:45 am

Hi, thanks for getting in touch.

Assuming a sole application for your Husband (due to having good credit) isn’t possible then the registration dates of the defaults are likely to determine what deposit you require.

If the defaults were registered within the last three years you may struggle with less than 15% on a standard mortgage however both the Help to Buy equity scheme and Shared Ownership scheme could both open the door to 5% – 10%.

Is that something you’ve considered?

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