Posted on 19 January 2012 by David
My wife and I are looking to move this year. We are currently in a house that my wife owns and is valued at around £105,000. We have saved £18,000 which we will use for the deposit on a new house when we sell the house we are currently in. Now the problem is I had two items on my credit report that I defaulted on but paid in full last February for £750 and £3000, I have a clear record apart from these. My wife has had a mortgage for 5 years on this property and also owned an house before. We are looking at houses around the £150,000 mark and have a joint income of £50,000 will we be accepted?
Please refer to my response regarding First Time Buyers with defaults. Your situation is very similar and I think that you also check your credit score.
With only a 12% deposit I think your chances are going to be extremely thin, but that doesn't mean you shouldn't try to obtain a mortgage. Your wife's current lender will be the best place to start as they have first hand knowledge of how she conducts her finances and may be more open than others to increasing her borrowing.
Failing that I recommend speaking to an independent mortgage adviser with access to the whole mortgage market. They will be able to look at your credit files and then approach the most likely lenders for you. Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to try and help you.
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