Hi,
I'm hoping some of you might be able to advise about myself and my husband's current situation. Please bare with me as I've tried to research and read up about this but I don't have a great deal of understanding about mortgages etc.
My husband is 24 currently, is a student and we have a young son. At present we are living off of his student loan and disability benefit that I receive. My husband is due to start a job in September and we would like to buy a house as soon as we can as a relative is helping us with our deposit so we will have in the region of 75% LTV. However, my husband has a CCJ filed in June 2011, which he is arranging to pay off in full at the moment. This means his credit score is poor (1/5 on noddle), but he does not have any other defaults. He has just taken out a credit builder credit card, and is on the electoral role etc. to try and rebuild his credit score, but he will be the only person earning a wage in our household on our mortgage application. We have checked and in theory the wage he will earn will allow us to borrow enough for the properties we are interested in buying.
I am 21 and have never had any credit or phone contracts etc. before, and have been unemployed for health reasons and because of my child since June 2010. I am on the electoral role, and am thinking of applying for a credit card as well to boost my credit score but don't know if that'll make a difference in a mortgage application as I will have no income? My credit score at present on noddle is 3/5 so middling but not great.
My husband went to a mortgage advisor before he checked his file and realised that he had a CCJ on it, and based on 75% LTV and my husband having 6 months worth of pay slips from his new job, the mortgage advisor thought we would be in a reasonable position to apply for a highstreet mortgage. However, obviously with the CCJ things get a lot more tricky, and I am wondering whether we will even be able to get a sub-prime mortgage within a year of my husband starting his job in September 2013. In September 2014 my husband will have been in his job for 1 year, and the CCJ will have been settled for 18 months. Could we get a mortgage sooner than this?
I am sorry if this is very long winded, we are relocating and our chances of getting a mortgage greatly affect where we will be living in the meantime.
Thanks very much for any advice you can give.
I'm hoping some of you might be able to advise about myself and my husband's current situation. Please bare with me as I've tried to research and read up about this but I don't have a great deal of understanding about mortgages etc.
My husband is 24 currently, is a student and we have a young son. At present we are living off of his student loan and disability benefit that I receive. My husband is due to start a job in September and we would like to buy a house as soon as we can as a relative is helping us with our deposit so we will have in the region of 75% LTV. However, my husband has a CCJ filed in June 2011, which he is arranging to pay off in full at the moment. This means his credit score is poor (1/5 on noddle), but he does not have any other defaults. He has just taken out a credit builder credit card, and is on the electoral role etc. to try and rebuild his credit score, but he will be the only person earning a wage in our household on our mortgage application. We have checked and in theory the wage he will earn will allow us to borrow enough for the properties we are interested in buying.
I am 21 and have never had any credit or phone contracts etc. before, and have been unemployed for health reasons and because of my child since June 2010. I am on the electoral role, and am thinking of applying for a credit card as well to boost my credit score but don't know if that'll make a difference in a mortgage application as I will have no income? My credit score at present on noddle is 3/5 so middling but not great.
My husband went to a mortgage advisor before he checked his file and realised that he had a CCJ on it, and based on 75% LTV and my husband having 6 months worth of pay slips from his new job, the mortgage advisor thought we would be in a reasonable position to apply for a highstreet mortgage. However, obviously with the CCJ things get a lot more tricky, and I am wondering whether we will even be able to get a sub-prime mortgage within a year of my husband starting his job in September 2013. In September 2014 my husband will have been in his job for 1 year, and the CCJ will have been settled for 18 months. Could we get a mortgage sooner than this?
I am sorry if this is very long winded, we are relocating and our chances of getting a mortgage greatly affect where we will be living in the meantime.
Thanks very much for any advice you can give.