First time buyers but partner has bad credit

parisv

Hi all I'm a bit of a noob so bear with me...

My partner and I are first time buyers,

We want to buy a property that will hopefully cost 190k

We have a 20k deposit. Plus 3k for fees etc

I earn 30600 per year and have good credit. (A few years ago I had an 8k loan which I paid off within 3 years and never missed a payment)

My partner was on 19k a year but is starting a new job where she earns 12k basic plus commission.

Trouble is she has bad credit. She's currently paying off 200 a month to a 5k remaining loan and has £2,700 left to pay on her car but she's just inherited 3k so she can pay that off in one lump sum this month.

I think she went a got one of loans to pay off all her other debts so that's why she has a 5k loan.

The flat we’re looking at has 2 bedrooms. It was bought in 2003 for 186k

It's currently up for 220k but it's a repossession, and the estate agent said he's going to get the building society to knock it down to 199k

We're gonna offer 185k maybe hopefully get it for 190k

Would we or I be able to get a 170k mortgage??!

If so where would be the best place?

Or do you think with the current market renting is the best option? It's just if we get it for that price we don't mind the value going down over the next 2 years but hopefully it will go back up??!

_Andy_

Hi

When you say 'bad credit', could you expand on that a bit? E.g. was it a default, ccj, etc.?

Thanks

parisv

Well I know she had phone bills unpaid, store cards unpaid, and credit cards unpaid so she went to one of the debt management companies and got them to pay it all off and has a loan through them.

Thanks.

_Andy_

OK and how recently was that?

parisv

I think she's had the loan for a couple years now but I'm not sure. I'm trying to call her but no answer. I suppose I should do a credit check online with Equifax??!

parisv

I just spoke to her she's had the loan for a year and 11 months. She has also had a few CCJ's (I've only just found out what they are!!) for unpiad parking tickets about 6 months ago which have been paid off.

Useless!

BaileyB

I would do a credit report on her just to see where she is

mewbie_2

parisv wrote: »

It's currently up for 220k but it's a repossession, and the estate agent said he's going to get the building society to knock it down to 199k

Do you know what? I think he might just be able to make that deal...

Flats are currently being sold for up to 50% off at auctions across the country. They are the most hard hit by the property crash, and it has barely started.

You say it doesn't matter if it drops over the next two years. Why doesn't it matter? At 200k a 1% drop equals 2,000 pounds. That's real money, not some monolpoly mortgage figure.

Don't take notice of me, do a little bit of research and just maybe you could save a heap of money.

Good luck.

parisv

I won't mind if it goes down 10% in 2 years but goes up 25% in 5!

mpsavuk

parisv wrote: »

I won't mind if it goes down 10% in 2 years but goes up 25% in 5!

You've been reading the Daily Express haven't you!

Depending on which commentator you want to believe, prices may not rise 25% over the next 15 years never mind 5.

:rotfl:

geoffky

parisv wrote: »

I won't mind if it goes down 10% in 2 years but goes up 25% in 5!

you should go out and join the other people in the line..if it goes down in the next few years it will effect you big time...research why......