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Old 18 Aug 21, 07:23 PM  
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muffa2308
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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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Old 18 Aug 21, 07:29 PM  
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munmun
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Can you get the mortgage alone?
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Old 18 Aug 21, 07:32 PM  
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pompeyboy
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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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Old 18 Aug 21, 07:33 PM  
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Tinks2014
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I was going to suggest the same. Can you do it alone?
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Old 18 Aug 21, 07:34 PM  
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halloweenbaby2
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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.
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Old 18 Aug 21, 07:38 PM  
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megaflyer
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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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Old 18 Aug 21, 07:42 PM  
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muffa2308
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Originally Posted by megaflyer View Post
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)
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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Old 18 Aug 21, 07:46 PM  
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lizzie145
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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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Old 18 Aug 21, 07:47 PM  
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megaflyer
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Originally Posted by muffa2308 View Post
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
I think maybe save up more deposit as that will show affordability . 20% deposit is not that unusual even for mainstream lending at the moment

But that time the credit rating should improve too
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Old 18 Aug 21, 07:47 PM  
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barryp1
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Originally Posted by muffa2308 View Post
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
What do you mean by "moving the right way".

If it's still poor why would you expect to be lent money?
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