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18 Aug 21, 07:23 PM |
#1
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Imagineer
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What are we meant to do?!
My soon to be DW and I want to buy a house. We have a nice deposit saved. Easily 10% of anything in our price range 250k max. So viewed some and put offers in but got rejected for a mortgage because my DW has a poor credit rating. Moving the right way but still ‘poor’ we looked into shared ownership but got rejected because we have too much money! We earn too much and have too much of a big deposit but yet cannot get a mortgage! What the bloody hell are we supposed to do? It’s so frustrating
Edited at 07:39 PM. |
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18 Aug 21, 07:29 PM |
#2
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Imagineer
Join Date: May 10
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Can you get the mortgage alone?
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18 Aug 21, 07:32 PM |
#3
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Apprentice Imagineer
Join Date: Jul 14
Location: Portsmouth
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Have you tried a mortgage broker? I haven't used one but they seem to be able to get deals for less straightforward buyers.
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18 Aug 21, 07:33 PM |
#4
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Imagineer
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I was going to suggest the same. Can you do it alone?
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18 Aug 21, 07:34 PM |
#5
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VIP Dibber
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Is it worth going through a mortgage broker? I'm sure they can find you mortgages that are can be agreed in principle, they can even find mortgages with a poor credit rating - you may find those are at a higher interest rate though.
Good luck. Xx |
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18 Aug 21, 07:38 PM |
#6
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Imagineer
Join Date: Nov 07
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You may need a broker but the mortgage will attract a higher % and neading a much higher deposit is than 10% (around 20/25% deposit upwards may be realistic)
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18 Aug 21, 07:42 PM |
#7
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Thread Starter
Imagineer
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Hi,
Cannot afford 20% deposit and the most my salary alone will get me a mortgage of around 150k that’s why we went for shared ownership. The thought of paying over the odds for a mortgage just to get one seems completely unfair. Just feel trapped in a cycle. Too much income and deposit for shared ownership and not enough credit rating to get a mortgage |
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18 Aug 21, 07:46 PM |
#8
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Imagineer
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Try a mortgage broker as they can look for companies that will lend to those with a poor credit rating.
It may be a higher interest rate but they would still be fairly low. They look at affordability for the repayment Using a broker is better on your credit rating as reduces the number of hard searches I used one 5 years ago and it was simple, only paid when I used them
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June 2006, August 2007, September 2018, January 2019, September 2019, February 2020, December 2021, February 2022, December 2022 |
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18 Aug 21, 07:47 PM |
#9
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Imagineer
Join Date: Nov 07
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18 Aug 21, 07:47 PM |
#10
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Imagineer
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