Posted on 23 November 2015 by Jackie
Hi My partner is 55 I am 45. We want a 20 year mortgage. We have a deposit of about £60000. I work full time( £33000) partner starts a job next week (£63000) we need a mortgage to buy a new house. About £300000 to borrow.I have had past credit problems but owe nothing. My credit file is poor to fair. About 600 on experian and 380 on equifax. My Partner had credit problem about 5-6 years ago also. My last default was January 2014 for £252.Can we get a mortgage ? What is the criteria for defaults with nationwide or will we need to approach an subprime lender? Also how long does he need to be in work for an application? He has had a 6 month break.
Thank you for your recent enquiry submitted via our website.
You have a deposit of £60,000 which is good, so you are looking to buy a property valued around £360,000. You will also need to cover other costs such as stamp duty, arrangement fees and solicitor costs associated with buying your property, which you should be mindful of.
You have clearly done research around your credit which is excellent news, and both you and your partner have had credit issues in the past and I assume you are now in a better financial position as you mention the last default was approximately 1 year ago. Can you confirm what the default was for and whether you have settled it?
You mention that your partner starts a new job next week, which is not a major problem as some lenders do not have an minimum employment period. However we would need to know past employment history details and what your partner was doing during his 6 months break.
Nationwide like most other lenders have strict criteria regarding adverse and each lender is different.
Please could you contact us on 0344 346 3672 because I believe you would benefit from speaking to one of our independent mortgage advisers due to your credit history. Once we have a full profile of your circumstances we can decide which lenders to approach
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