MORTGAGE-mixed credit rating

[Pjaw1411]

So me and my partner are looking to buy our first home. We have our eyes on a house which is reasonably cheap and we have enough for a 5% deposit now and want to go for it. My credit rating is excellent however due to problems during covid my partners took a hit and is not great (not the worst but by no means amazing) we are struggling to get a mortgage in principle and are getting turned down quite a lot.

Our annual income between us both is around 45K which I think is pretty good and from what we have worked out we will be paying around £120 less a month for our mortgage than we currently do to rent. So we would be extremely better off.

Has anyone got any advice what we can do? We can't get any more deposit as like I say covid did hit us quite hard and for a little while money was tight and paying off debts. Its better now but obviously we really want this house and don't want to lose the opportunity.

HELP

Is it definitely because of your credit ratings? Just a 5% deposit is quite low, when we were recently looking most we asking for at least 10%. Have you spoke to a mortgage advisor?

Are you using a broker or applying directly to lenders?

Get yourself a shit hot mortgage broker.

We were in similar circumstances 2 years ago, I have an excellent credit score and my partners just awful. We had a mortgage broker and she found the only mortgage lender who would accept us. There were things he had to do like pay off some old bills from years ago that he didn't even know he had. We wouldn't have found a mortgage without her.

We did check with our mortgage adviser and 5% deposit is sufficient, she is very lovely and is doing everything she can to find a lender. She told us she has managed it for others in a worse situation so we are keeping our fingers crossed. My partner payed off a lump sum of £2500 off his debts and has cleared all but one credit card now which he pays off each month on time to try and get his rating up. (Hence why our deposit is lower as the money we saved was to pay off his debts to try and help in the long run)