Mortgage

[natalie_1982]

Myself and my partne are saving for our own home, but have a few prolems in that I have quite a bit of debt (about 8k) and he is self employed. I can't get a loan because I have missed payments in the past. Does anyone know if we'd stand any chance of getting a mortgage?

[Oneeyedvic]

Mortgage underwriting is vastly different from loan aplications. On a loan, the lender is really hoping that you pay back and the only recourse if you don't is registering arrears and ccjs on your credit file. On a mortgage, as the loan is secured on land, the lender is in a much better position, as if the worst comes to the worst (from their point of view) they can always repossess your house and can guarantee that they get their money back. That said, if you are showing on your credit searches as a bad payer, it will not be as easy. you are best off going to a mortgage broker who will be able to source you a lender who will look at you. You will pay higher rates than if you were "good payers". The higher the deposit you have available, the better position you will also be in. Hope this helps

[natalie_1982]

Thank you!

[natalie_1982]

Thank you!

[Joe's Mum]

Hi, Me and my husband were in debt and we thought we could only rent which we did for 4 years then we went to see a mortgage adviser he was brillant no charge as he worked on a commission basis with the mortgage lenders and he took alot of the hassels off us when the mortgage was going through,Never once did he comment on our debt and was very hepful there is always a hope, the payments might be abit higher as you could be classed as a risk.

[johnjbloomfi]

Find a decent mortgage broker someone who is recomended by someone you trust. I'm an IFA and I do mortgages, from what you've said you'll probably need a deposit but it's not a big problem to find you a morgage