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    • samla
    • By samla 12th Oct 16, 10:09 PM
    • 2Posts
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    samla
    Mortgage advice needed!!!
    • #1
    • 12th Oct 16, 10:09 PM
    Mortgage advice needed!!! 12th Oct 16 at 10:09 PM
    Myself & my partner are looking at moving house. My partner currently has a mortgage on our existing property. I have never had a mortgage. We are concerned that my partners poor credit rating will affect our chances of getting a mortgage, the main reason she had an IVA in the past which finished in May 2015. We are going through the process of clearing all my partners arrears in the hope of increasing her credit file. My credit rating is good, although for the amount of money we wish to borrow I wouldn't be able to do it on my own. We anticipate we will have around 20k of equity in the current property to use as a deposit for the new house. We are looking at houses in the region of 180k.

    Another factor concerning us is that I work in the gambling industry, & with being in that industry I am a recreational gambler. I have heard that lenders aren't keen on lending to people who gamble. However, I am not an average gambler. I always keep track of how I am performing, & over the last 18 months I have been doing it, I have made profit every month & have made more money than I make from my actual job.

    Given all the above factors, I'd appreciate it if someone can advise us on the best course of action. Also which lenders are most likely to accept us given the circumstances. Reason for asking is that I've read that applying with several lenders can have a negative effect on your credit file. We have been to speak with an estate agent broker, however they asked for £500 upfront which I thought was a bit excessive!

    Thank you
    Sam
Page 1
    • Thrugelmir
    • By Thrugelmir 12th Oct 16, 10:33 PM
    • 51,295 Posts
    • 43,101 Thanks
    Thrugelmir
    • #2
    • 12th Oct 16, 10:33 PM
    • #2
    • 12th Oct 16, 10:33 PM
    We are going through the process of clearing all my partners arrears in the hope of increasing her credit file.
    Originally posted by samla
    Arrears of what?
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
    • samla
    • By samla 13th Oct 16, 9:10 AM
    • 2 Posts
    • 0 Thanks
    samla
    • #3
    • 13th Oct 16, 9:10 AM
    • #3
    • 13th Oct 16, 9:10 AM
    She had built up arrears of approx 2k on her gas/electric bill & also her current mortgage by missing a payment. These were from approx 5 years ago, but should be cleared in the next week.
    • amnblog
    • By amnblog 13th Oct 16, 10:25 AM
    • 8,850 Posts
    • 3,366 Thanks
    amnblog
    • #4
    • 13th Oct 16, 10:25 AM
    • #4
    • 13th Oct 16, 10:25 AM
    An IVA recently and 10% deposit does not mix.

    You will need more time or much more deposit.
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
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