Sorry really long post.........
Hi I was after some help my husband is looking to apply solely to nationwide for a mortgage for £118k for a property worth £125k so he has just over the 5% minimum deposit required in his save to buy account, he's self employed with accounts for the past 3 yrs showing a net of £35k and gross of £50k he has started more work this year so his income is a bit higher now but this won't show until he does his tax return in April, he has me and 2 kids as dependants I do not work and am not going in on the mortgage etc we believe that what we are asking to burrow is affordable considering with a 5% rate on repayment mortgage will still be £80 per month cheaper then our rent.
He has a experian score of just over 920 and has 2 credit cards with only 100 on each which are regularly paid in full.
The problem we have is a satisfied default from 2009 for £66 from 3 mobile which genuinely should not be there and have tried to get it removed with out any sucess and also he has 3 missed mortgage payments (not a default) from a house we owned in 2007 which is also satisfied.
We have heard that to be within a chance of getting a 5% deposit credit report has to be perfect but would his be ok? With him being self employed too would that also work against us? According to nationwide lending criteria as the default is so small and over 3 years old its not a problem and according to the mortgage calculator the advisor did in branch he could burrow upto £133k so we aren't pushing it. Any help would be appreciated I know if we had 10% deposit it'd be better but unfortunately we don't. And he's also debt free other than the £100 on each credit card which are regularly cleared in full x
Hi I was after some help my husband is looking to apply solely to nationwide for a mortgage for £118k for a property worth £125k so he has just over the 5% minimum deposit required in his save to buy account, he's self employed with accounts for the past 3 yrs showing a net of £35k and gross of £50k he has started more work this year so his income is a bit higher now but this won't show until he does his tax return in April, he has me and 2 kids as dependants I do not work and am not going in on the mortgage etc we believe that what we are asking to burrow is affordable considering with a 5% rate on repayment mortgage will still be £80 per month cheaper then our rent.
He has a experian score of just over 920 and has 2 credit cards with only 100 on each which are regularly paid in full.
The problem we have is a satisfied default from 2009 for £66 from 3 mobile which genuinely should not be there and have tried to get it removed with out any sucess and also he has 3 missed mortgage payments (not a default) from a house we owned in 2007 which is also satisfied.
We have heard that to be within a chance of getting a 5% deposit credit report has to be perfect but would his be ok? With him being self employed too would that also work against us? According to nationwide lending criteria as the default is so small and over 3 years old its not a problem and according to the mortgage calculator the advisor did in branch he could burrow upto £133k so we aren't pushing it. Any help would be appreciated I know if we had 10% deposit it'd be better but unfortunately we don't. And he's also debt free other than the £100 on each credit card which are regularly cleared in full x