BUYING A PROPERTY WITH BAD CREDIT ?

[LAURAMINIMAQ88]

Hi .
I am 25 and my credit history and score is pretty bad because I was not very responsible with agency shop lenders when younger..
I do not earn a lot either.
My husband earns around 30k a year, I make around 10k a year working few hours as a cleaner for now as I am taking care of our daughter and coronavirus makes it harder for me to find better job..
We have saved around 10k and were looking at the help to buy scheme..we carry on saving to have at least 20% but its not so simple..

Either way, we would love to get on the property ladder.
My husband is 28 and we are currently renting from a private landlord, we pay £900 for a 2 bed semi detached but we would love to own something.
My question is : is it possible to buy a property if one person from a family (in this case,me ) has a poor credit rating and history?
I do not have any jjs or very serious problems on my file, its just 2 credit cards that I have lost and been defaulted 3 years ago.
They made a very bad appearance on my credit score and will stay there on file for the next 3 years.

My credit score is below 300..
My husband has a good history and a credit score of 750.

Is this possible to even try ? Would my husband be eligible to be the only one to apply for the mortgage? Or do we both have to apply ?
Have anyone been in similar situation and managed to buy ?

Thank you guys .

Happy new year to everybody!!!

See a mortgage broker - they are best placed to tell you which, if any, lenders are currently an option - and potentially advise on how to improve your chances.
Money Saving Expert have advice on boosting your score too.
Also, maybe ask @MNHQ to move your question to a more relevant topic (Money Matters / Property?).

@AwkwardPaws27 thank you dear :)))

I think this may be on the wrong thread. It is possible you will just be paying higher rates and probably wouldnt get as much ltv than if you have good credit. You need to speak to a mortgage advisor or even your bank would be a good start. Try over the next 6 months to improve your credit. It is not going to be in the good category with defaults but it will eventually improve. Sounds like you have made a great start with savings so good luck.

I had terrible credit when i was younger. It took me 4 years to clear all my debts and then another couple of years for the defaults to disappear from my credit file whilst i was saving for my deposit. They stay on six years i beleive as long as the debt is settled in that time. Then i applied for a sole mortgage

My husband and I had a 2 year old default on our credit file with poor credit scores because of that, No debt and only my husband was working at the time,earning about 20,000. We visited a mortgage broker who managed to find us a mortgage.

Are options we're limited but we had just over a 20% deposit. It's definitely doable.

Do you mean you have 2 o/s credit card debts (cards now lost), if so prioritise paying them off today with savings then your score will begin to improve.

defaults if paid off matter less as time goes by
main thing is to make sure you pay everything on time and keep saving

How much are the new builds you are looking at in your area? (Just wondering if your DH would be able to manage the mortgage in his name only) but as pp says a broker is what you need.