Hello,
Myself and my fiance have recently found out we are having a baby. My parents have given us a gift of £35,000 as a deposit to put down on a house of our own.
We have found a lovely place for £160,000. My salary is £26,000 and my partners is self employed but his most recent tax declaration thingie shows a profit of £14,000.
My partner has excellent credit history (according to equifax, experian etc) lots of previous credit (loans, credit cards etc) all with immaculate payment history.
My equifax credit score shows "fair". Everything is excellent or very good except two defaults on my file. One was a mobile phone contract which was a geniune error on my part which was settled in 2011. The other was back in 2009 and was settled then also.
My partner has a couple of active credit cards but these could be paid off if necessary.
I am really worried reading/hearing that the two defaults on my credit report may mean we cannot get a mortgage at all.
Has anyone had any experience with this? I am seeing a mortgage broker at the weekend but want to be prepared for the worst.
Renting would end up costing us more than buying would where we live, so it is important that we get some sort of mortgage.
We are both in our 20's and a mortgage advisor over the phone (london & country) advised me that we could go for a 35 year mortgage which will make repayments cheaper each month (I understand it will be more overall) I spoke to her before knowing about my two defaults though... so didnt mention this.
Any advice/thoughts/similar experiences would be very much appreciated :)
Kind Regards,
Georgia x
Myself and my fiance have recently found out we are having a baby. My parents have given us a gift of £35,000 as a deposit to put down on a house of our own.
We have found a lovely place for £160,000. My salary is £26,000 and my partners is self employed but his most recent tax declaration thingie shows a profit of £14,000.
My partner has excellent credit history (according to equifax, experian etc) lots of previous credit (loans, credit cards etc) all with immaculate payment history.
My equifax credit score shows "fair". Everything is excellent or very good except two defaults on my file. One was a mobile phone contract which was a geniune error on my part which was settled in 2011. The other was back in 2009 and was settled then also.
My partner has a couple of active credit cards but these could be paid off if necessary.
I am really worried reading/hearing that the two defaults on my credit report may mean we cannot get a mortgage at all.
Has anyone had any experience with this? I am seeing a mortgage broker at the weekend but want to be prepared for the worst.
Renting would end up costing us more than buying would where we live, so it is important that we get some sort of mortgage.
We are both in our 20's and a mortgage advisor over the phone (london & country) advised me that we could go for a 35 year mortgage which will make repayments cheaper each month (I understand it will be more overall) I spoke to her before knowing about my two defaults though... so didnt mention this.
Any advice/thoughts/similar experiences would be very much appreciated :)
Kind Regards,
Georgia x