Hi everyone,
I've spent days looking through his forum and have found it so helpful!
My husband and I are seriously considering taking the leap and buying our first home.
My husband has one default on his record dating back to 2010 for £480 which was settled in full within 6weeks of finding out about it and has never missed a payment on anything since.
The mortgage application will be a single one in my husbands name.
He is in the Army and so we are going to be using his LSAP as our deposit and we are looking at using the FirstBuy scheme too. I know a lot of people on this forum don't look too favourably on this scheme but we will be looking at buying back the 20% equity from developer and government within the 5 years using part of my husbands lump sum when he leaves the Army.
Our outgoings (other than utility bills) are C/C, DFS hp and our car.
We are going to use part of our savings to clear the C/C and DFS sofa in September which will then just leave the car (£346)
The house we have found is not due to be starting to get built until Jan 2014 so would be looking to exchange in May/June 2014.
The value of the house is £176,950
My husband earns £35,000 and we are looking at a mortgage for £136,000 (75%LTV)
Are we going to find we have a lot of trouble trying to get a mortgage with this satisfied default on his record?
Do you think this would be possible to obtain a mortgage for this amount?
Many thanks in advance for any help/advice
I've spent days looking through his forum and have found it so helpful!
My husband and I are seriously considering taking the leap and buying our first home.
My husband has one default on his record dating back to 2010 for £480 which was settled in full within 6weeks of finding out about it and has never missed a payment on anything since.
The mortgage application will be a single one in my husbands name.
He is in the Army and so we are going to be using his LSAP as our deposit and we are looking at using the FirstBuy scheme too. I know a lot of people on this forum don't look too favourably on this scheme but we will be looking at buying back the 20% equity from developer and government within the 5 years using part of my husbands lump sum when he leaves the Army.
Our outgoings (other than utility bills) are C/C, DFS hp and our car.
We are going to use part of our savings to clear the C/C and DFS sofa in September which will then just leave the car (£346)
The house we have found is not due to be starting to get built until Jan 2014 so would be looking to exchange in May/June 2014.
The value of the house is £176,950
My husband earns £35,000 and we are looking at a mortgage for £136,000 (75%LTV)
Are we going to find we have a lot of trouble trying to get a mortgage with this satisfied default on his record?
Do you think this would be possible to obtain a mortgage for this amount?
Many thanks in advance for any help/advice