Hi all
Me and my husband have owned our house for 7 years and are looking to move as we don't live in a nice area and now we have a child. We will have about £14,000 equity in our house and have savings of £10,000. The houses in the area we are looking at are approximately £240,000 so we should have a 10% deposit.
My husband's credit score is excellent and mine is fair. I got into some debt about 4 years ago so have some defaults which are all under the sum of £500 and have all been satisfied. I also have a CCJ for a college course which was cancelled so I did not finish paying. This is for £200 and again is satisfied. I have no outstanding debt left apart from a default from Welcome Finance for over 4 grand - god knows how as I only borrowed £1000! This is due to drop off in May as it would have been 6 years since the default so I'm not too concerned about that.
Do you think we're going to have real issues getting a mortgage? We both earn a decent salary so wouldn't mind too much having a higher interest mortgage.
We're planning on seeing a mortgage advisor after May when my Welcome finance default has dropped off. We ideally need to move by next January as this is when my child will be starting pre-school.
Sorry if its all a bit long winded. I would be grateful for any advice.
Thank you
Me and my husband have owned our house for 7 years and are looking to move as we don't live in a nice area and now we have a child. We will have about £14,000 equity in our house and have savings of £10,000. The houses in the area we are looking at are approximately £240,000 so we should have a 10% deposit.
My husband's credit score is excellent and mine is fair. I got into some debt about 4 years ago so have some defaults which are all under the sum of £500 and have all been satisfied. I also have a CCJ for a college course which was cancelled so I did not finish paying. This is for £200 and again is satisfied. I have no outstanding debt left apart from a default from Welcome Finance for over 4 grand - god knows how as I only borrowed £1000! This is due to drop off in May as it would have been 6 years since the default so I'm not too concerned about that.
Do you think we're going to have real issues getting a mortgage? We both earn a decent salary so wouldn't mind too much having a higher interest mortgage.
We're planning on seeing a mortgage advisor after May when my Welcome finance default has dropped off. We ideally need to move by next January as this is when my child will be starting pre-school.
Sorry if its all a bit long winded. I would be grateful for any advice.
Thank you