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  • FIRST POST
    • madlyn
    • By madlyn 9th Oct 17, 9:24 AM
    • 569Posts
    • 93Thanks
    madlyn
    Mortgage blacklist
    • #1
    • 9th Oct 17, 9:24 AM
    Mortgage blacklist 9th Oct 17 at 9:24 AM
    My partner is in debt , he has a DMP plan which he owes around £8000 on for a credit card and 2 loans he defaulted on.
    Does this mean he would be refused a mortgage or would it just be difficult to find someone who would lend to him?
    I'm asking as at the moment we live in a shared ownership property which is solely in my name, but I would either like to by a bigger share or move to a new build shared ownership property with the mortgage being in both our names.
    As far as I know my credit rating is good, I have never missed a payment on my mortgage have no CCJ's and no outstanding loans or credit cards.
Page 1
    • ACG
    • By ACG 9th Oct 17, 10:10 AM
    • 15,912 Posts
    • 8,152 Thanks
    ACG
    • #2
    • 9th Oct 17, 10:10 AM
    • #2
    • 9th Oct 17, 10:10 AM
    There are probably lenders out there, but your options would be limited.
    It will come down to the finer details and how it all appears on your credit report.

    If you do want to look at a joint Mortgage, I would suggest getting your credit reports and taking them to an experienced broker.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
    • YHM
    • By YHM 9th Oct 17, 10:13 AM
    • 304 Posts
    • 99 Thanks
    YHM
    • #3
    • 9th Oct 17, 10:13 AM
    • #3
    • 9th Oct 17, 10:13 AM
    Morning Madlyn

    If your partner is in the middle of a DMP and his defaults are recent, you will struggle to find a lender that would provide you a joint mortgage. That's not saying it cant be done, however, you would pay a premium to which ever lender may take a punt on your application.

    You need to speak to a good broker, that has good knowledge of sub-prime lenders if you want to look at a joint mortgage
    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
    • madlyn
    • By madlyn 9th Oct 17, 10:43 AM
    • 569 Posts
    • 93 Thanks
    madlyn
    • #4
    • 9th Oct 17, 10:43 AM
    • #4
    • 9th Oct 17, 10:43 AM
    He is in the middle of a DMP and his debts are within the last 7 years.
    I did suspect that this would be the case. Might just look into doing it on my own as I have done before and to be honest I'm very unsure about entering in to something with someone who has such bad money sense and debt history.
    • ACG
    • By ACG 9th Oct 17, 11:01 AM
    • 15,912 Posts
    • 8,152 Thanks
    ACG
    • #5
    • 9th Oct 17, 11:01 AM
    • #5
    • 9th Oct 17, 11:01 AM
    90% of my customers have bad credit to some degree or another.
    There tends to a couple of types of people - those who did not know better and have learnt from it, those who did not care and those who experienced a difficult time (divorce/illness/job less etc).

    I know pretty responsible people who have ended up going bankrupt. Sometimes **** happens, there is no point holding a grudge about it.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, 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.
    • madlyn
    • By madlyn 9th Oct 17, 11:06 AM
    • 569 Posts
    • 93 Thanks
    madlyn
    • #6
    • 9th Oct 17, 11:06 AM
    • #6
    • 9th Oct 17, 11:06 AM
    My partner did and does not care and since having his DMP he has gone and got another credit card which is very nearly at it's limit. S o he has learnt nothing and I don't hold a grudge it just makes me angry that his credit history and attitude to money is holdings us back.
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