Mortgage advice
Posted: Sun Aug 18, 2019 8:59 am
Hello,
I was wondering if I could receive some advice on our situation.
We would like to apply for a mortgage in 2021. My partner, who is the main earner and the main applicant, currently has an outstanding default that will drop off in January 2021. However, he has a somewhat troubled financial past here in Britian. He entered into an IVA that was settled in 2012. No evidence of it exists anymore on any of the main credit file institutions (Equifax, ClearScore etc.) He also used to have Payday loans, however, they are equally legacy and do not show on his record.
By doing research, it would appear that despite the majority of his issues being long settled and removed, this scenario would disqualify us from getting a mortgage with a high street lender. Adverse lenders on the other hand, would expect a deposit of around 40-50% (we would at best have 45k saved up by early 2021 and we would be trying to buy a family home with three bedrooms around 220-260 k).
Our age is against us here, too as by the time of the intended application, by partner will be 34 and I will have reached the ripe old age of 36. I myself have never had any issues at all, but equally never even had a credit card as I never considered them necessary. We do have two children, which I know is another "factor of unfavorability".
Any advice would be greatly appreciated.
Many thanks!
I was wondering if I could receive some advice on our situation.
We would like to apply for a mortgage in 2021. My partner, who is the main earner and the main applicant, currently has an outstanding default that will drop off in January 2021. However, he has a somewhat troubled financial past here in Britian. He entered into an IVA that was settled in 2012. No evidence of it exists anymore on any of the main credit file institutions (Equifax, ClearScore etc.) He also used to have Payday loans, however, they are equally legacy and do not show on his record.
By doing research, it would appear that despite the majority of his issues being long settled and removed, this scenario would disqualify us from getting a mortgage with a high street lender. Adverse lenders on the other hand, would expect a deposit of around 40-50% (we would at best have 45k saved up by early 2021 and we would be trying to buy a family home with three bedrooms around 220-260 k).
Our age is against us here, too as by the time of the intended application, by partner will be 34 and I will have reached the ripe old age of 36. I myself have never had any issues at all, but equally never even had a credit card as I never considered them necessary. We do have two children, which I know is another "factor of unfavorability".
Any advice would be greatly appreciated.
Many thanks!