Any mortgage advisors around?

[YoNoTengo]

Basically, we've been renting for about 6/7 years now because it just wasn't possible to buy a house.

We have an unblemished record of making the rent payments (£2000/month) over those years. But my DP has a low credit score due to an ongoing tax bill (long story but he owes £23,000 😱 It's being paid off gradually). He earns approx £11,000/month, so a reasonably high earner.

We've read about no deposit mortgages which would seem ideal for us, but DP refuses to investigate because he says that we wouldn't get anywhere because of the low credit score.

Is there any hope of being approved for a mortgage? Or are we going to end up chucking thousands away on rent for the rest of our lives?

TIA

Not mortgage advisor but if he earns 11k a month should easily be able to clear 23k sort out credit score and save a deposit. Don't see why you would pay rent for the rest of your lives.

£11,000 a month and he can't service a £23,000 debt? Where the fuck is the money going? What is your salary?

Not a mortgage adviser, but I've just taken out a mortgage with 4 defaults (unsettled), £4,400 balance remaining on a credit card. Our interest rate was very high- but it's only until my defaults fall off! Earning £27k and partner earning £44k (with perfect credit).

As long as you can afford the repayments of a high interest rate (which it seems like you can!) then I'm sure you'll be fine.

I'm not entirely sure. The rent is £2000 plus bills - maybe £500/month. He has a boat - £500 to the marina plus the stuff he buys for it. Paying his parents back for something or other around £300 I think. Oh and the £11000 is pre tax.
Cars - £500/month
Food - around £1000/month
And I'm guessing paying off this tremendous debt! It's only recently that I became aware of it.
£320/month to dd at Uni (not his dd)
£300ish on fuel
£100 car insurance (for us both)

The last time we went through finances - at my request - I discovered an expensive gym membership for the whole family when I'm the only one who ever goes! Oh and he was paying for dd car insurance twice!! Had two different direct debits set up with two different companies! Soon sorted those out.

I can't think of any more. He buys a lot of stuff - I take delivery of everything while he's at work. Don't know what he buys, suspect he hides purchases from me. He doesn't have the greatest track record for being honest.

I'm not working atm because I had a baby a few months ago. Before that I worked freelance for myself so no mat leave pay.

Thank you that's really helpful.

I don't understand.
£11k a month is reasonable?
It's £7k every month more than our combined household income and we have never been in debt. He could clear his debt in 3 months.
I hate hearing about people throwing money away when so many of us work so hard to make it work.

@YoNoTengo you need to call a mortgage brokerage that is whole of market because some lenders are funny about money owed to the tax man.

Ok ill bite, how the hell can someone earn £11k per month and have a £23k debt...sounds like neither of you has a grip on your finances.

What do you earn, OP?

If you've been together a long time, it's wise to know the income and expenditure of the household, for your own sake.

Ok so it’s not 11,000 a month take home, what is the take home pay? You have very high outgoings, why is food costing £1000 a month, and there’s a boat too! No wonder you have high debt that isn’t paid off. I think you need to sit down and have a conversation about what you want to prioritise. You have a decent income but with your outgoing you may struggle to get a deposit together.

Do you work op?

I'm a whole of market mortgage broker.

The no deposit mortgages are are for people who rent and have no way of saving a deposit at all. As in no disposable income after bills etc. your husband earns more that what most couples combined earn so that wouldn't be an option for you I'm afraid.

Just going off what you've said, depending on the conduct on your DPs file, you're looking at a specialist adverse lender.

All of this.

But my first thought was how on earth can you have a debt of £23K whilst earning £11K pm

then ....food bill £1K pm ?????

You (both) need to get a serious grip on your finances, long before speaking to a mortgage advisor.

Take home on that is about £6400 if you pay 5% pension as tax is substantially higher, but he sounds like he is shit at money management.

Simply adverse - they're a mortgage broker and got me a mortgage when I didn't think it was possible
They don't blink at defaults/debt and even deal with bankruptcy

What do you earn op? What you've said sounds like you have zeros wrong.

Christ OP do not get yourself financially tangled up with this man.

I worked in the industry a little while ago. I wouldn’t go for a 100% mortgage. You may not even qualify anyway. From what I understand not many lenders do them and the ones that do have strict rules. Pay off the debt and wait 3 months before applying. By the the time you do many lenders may have reduced their rates. As long as the base rate doesn’t rise.

Seriously don't do it. With that sort of salary he should have tens of thousands as a ready deposit if not more. You said yourself he isn't trustworthy. You'll find your house constantly mortgaged up to the hilt with no prospect of ever being paid for.

WTF have I just read?

If he saves up for a few years you can buy a house outright in many places!

Why is he funding someone unrelated to go to uni?
£320/month to dd at Uni (not his dd)
He pays for your dd? Why?

He is clearly more interested in a boat than mortgage on a home

So he is your baby's dad?
And you want a life together?