What is the best way to get a mortgage with my partner ?

Essex_Lee_

Hello there,

i am buying a house with my partner in the spring,

i have a good credit rating, she has a bad rating.

i currently have a house and fixed mortgage that ends in the spring.

When my fixed ends, (hopfully we would of seen some houses we liked) shall we just apply for a joint mortgage ?

Is there any other options? the reason i ask is im a bit worried about her bad credit rating. (she has not been bankrupt or had court cases, just late payments that are still outstanding)

Thanks

feisty1

you rcvd plenty advice the other day when u posted, nothing has changed since then in the financial world

Essex_Lee_

yea i know, i was asking if i would have any problems when applying the other day, i am asking if there are any different options that we could take this time.


Thanks

feisty1

Lee............andy suggested "Basically then she has some adverse credit. What I'd suggest is getting hold of both of your credit files and speaking to a decent whole of market broker. Worst case is that you'll be looking at slightly higher interest rates than the high street rates."

Did u do any of that?

Essex_Lee_

Yes, waiting for the pin to come in the post from experian.

ill come back if we have any problems closer the time.

Thanks

feisty1

good, so u have done something, i guess yr just eager!!

ad9898_3

Essex_Lee_ wrote: »

Hello there,

i am buying a house with my partner in the spring,

i have a good credit rating, she has a bad rating.

i currently have a house and fixed mortgage that ends in the spring.

When my fixed ends, (hopfully we would of seen some houses we liked) shall we just apply for a joint mortgage ?

Is there any other options? the reason i ask is im a bit worried about her bad credit rating. (she has not been bankrupt or had court cases, just late payments that are still outstanding)

Thanks

You won't get a mortgage together if your partner has bad credit.

Essex_Lee_

Hi ad.

Why do you say that ?


ta

feisty1

ad9898: Quote: You won't get a mortgage together if your partner has bad credit.
That is not strictly true, depending on what the adverse is and the LTV a mortgage could be obtained.
As they don't know what the adverse is, they have been recommended to get an experian report before seeing an adviser. As once the adviser sees the report, they will know where they fit.

ad9898_3

The banks have tightened their criteria considerably, they don't have the money they once had, the reason is this.

The banks can lend (this is fractional reserve) £10 for every £1 on deposit, the problem is this also works in reverse. Banks have lost over £400 billion over the course of the credit crunch, which means lending has reduced by £4 trillion, quite a large sum.

I shouldn't say you definately wouldn't get one, but the chances are remote and the rates would be very high. Best advice ??, save as much as you can over the next 18 months, in that time house prices will have fallen a lot more and you could use the time to try and sort out your partners bad credit, this will put you in a much better position in the long run.

feisty1

The OP already has a mortgage........it has been suggested to obtain a copy of the experian report as they don't know what the adverse is exactly, it could have expired or it might even be that nothing is logged, could be disastrous, however that's why they're obtaining report 1st