Hi, wondeing if anyone can offer some advice really.
My partner and I are looking to apply for a mortgage, im a total newbie to this, and ive read up on martins ftb guide for mortgages, but ive got some questions.
We are looking to apply based on my partners wage with a mortgage just under his name, my credit record isnt very good and therefore it would be no good to be financially linked, although i am doing my best to rectify this, but this wont be changing my score anytime soon.
We are looking for a 90% ltv mortgage wih 10% deposit that is coming half each from both of us. My partners credit record is showing as fair to good, open credit is 1 credit card that he pays the balance off every month, currently about £100 on, and his overdraft which he does go into.
Showing on his credit file is a settled account from a couple of years ago, car finance that we paid off early and an arrangement that he had coming up to 6 years ago this june.
Firstly would this arrangement 'drop off' in june after the 6 years or will this remain? And would it be worth waiting for this to drop off before applying?
Also this settled account will this count against us?
I realise a 90% ltv mortage is not ideal but at the moment its all we are able to do with deposits.
Do you think we have a chance? We were going to arrange to speak to a broker with the thought that they would be able to advise and point us in the right direction of whom to go to, based on my partners credit record, but should we wait until the arrangement comes off before doing this, or maybe start the ball rolling by having a chat now?
Any advice greatly received! Thanks
My partner and I are looking to apply for a mortgage, im a total newbie to this, and ive read up on martins ftb guide for mortgages, but ive got some questions.
We are looking to apply based on my partners wage with a mortgage just under his name, my credit record isnt very good and therefore it would be no good to be financially linked, although i am doing my best to rectify this, but this wont be changing my score anytime soon.
We are looking for a 90% ltv mortgage wih 10% deposit that is coming half each from both of us. My partners credit record is showing as fair to good, open credit is 1 credit card that he pays the balance off every month, currently about £100 on, and his overdraft which he does go into.
Showing on his credit file is a settled account from a couple of years ago, car finance that we paid off early and an arrangement that he had coming up to 6 years ago this june.
Firstly would this arrangement 'drop off' in june after the 6 years or will this remain? And would it be worth waiting for this to drop off before applying?
Also this settled account will this count against us?
I realise a 90% ltv mortage is not ideal but at the moment its all we are able to do with deposits.
Do you think we have a chance? We were going to arrange to speak to a broker with the thought that they would be able to advise and point us in the right direction of whom to go to, based on my partners credit record, but should we wait until the arrangement comes off before doing this, or maybe start the ball rolling by having a chat now?
Any advice greatly received! Thanks