im not expert but here is my opinion, u both are doing really well on saving. you reached 10% why not go a bit more, it will def help you in the long run! also as the current market slump i dont think u be in a favourable state to get a mortgage yet as you dont know if the market will drop a further more % then ur just losing your deposit.

and yes parents can be a nightmare but its not all bad, i reckon you should carry on saving more, the more you have the more better rates you will get! and no rush, markets bad so wait for the right time. just think you said 2 more years and the defaults will go, you can save a further 2 years and by then the economy in uk would hopefully repairing itself again so then you have a

1. no more bad credit under your name,

2. you both can be on the mortgage.

3. you have a much higher deposit therefore the rates will be very good and you will be paying less for your mortgage (every little helps)

my dad is a very ambitious guy and ever since he's always told me think far ahead before you do anything, it may be good now cause its immediate but it may affect you later on and it comes back and bite you.

i hope it helps.

Ok i'll give you a quick run down on my situation and I will welcome any advice please,

Me and my partner are looking to buy our first house. We have £15000 deposit and have seen a house we like for £140000, although we won't be putting in an offer of the asking price we do have at least a 10% deposit. I earn £24000 and my partner earns £27500 plus seasonal work of £5000 per year (Semi pro football). We know we can easily afford the monthly repayments and all other costs which come with running a house, HOWEVER.......

Whilst I was at university I was very naive and silly with credit cards which has left me with only a fair credit history consisting of a 4 year old default and many missed payments. Although all debt has now been cleared I know that this stays on my report for another 2 years.

We have spoke to a mortgage broker (not sure if they are independant or not) who after looking at my credit report says there is only 1 mortgage company, C&G who will accept a 90%LTV rate and she thinks they will decline a joint mortgage due to my credit history. (that is understandable but when searching moneysupermarket more than 1 company is coming up as available, which is why I think the broker may not be independant)

Anyway she has given her advice that we either carry on saving for a 15% deposit as this opens more doors and may increase the chance of a joint mortgage even with my bad credit, but risk being declined and the search leaving a footprint on both mine and his credit report or we can apply for a mortgage just in his name a get a solicitor to write up something binding between the 2 of us and then add my name to the mortgage once my credit rating has improved. Again he earns £27500 and the additional £4500 which he can get written confirmation of from his manager although he is not on a fixed contract. Would you advise that this is the best way forward?? He has a good credit rating and according to feedback on moneysupermarket search it is showing that this would be possible, for him to get a sole mortgage for the amount needed.

Any advice or other possibilities open to us would be very much appreciated. I am so frustrated that mistakes 4 years ago are having such an impact on us moving forward with our lives. I don't wanna live at home with the parents forever which it feels like is going to be the case!!!!!!!!!