Mortgage - Credit Rating? - Advise please

Oxigin_2

Hi All,

I had a defaulted credit card about 2 years ago which was settled in Nov of last year,

Myself and my girlfriend are looking into a shared ownership of a house,
The house cost in total £182k, However we are only wanting to borrow about £48k (Which is less then our joint income in 1 year before tax)

We have booked Friday off to go around a few banks to see if any of them can offer us any money, My question is

If the banks are doing credit checks on us (like upto 3/4 on Friday) to check if they can offer us any money will this affect my already bad credit rating ? and more importantally will it affect my girlfrinds good rating ?

Also if they reject our joint application and she was to try a single application again would the 3 seaches get her automatically rejected ?

Last thing..
In the unlikely outcome that we get offered a mortgage whats the best kind to go with ?!

We have never applied to buy a house before so frankly we feel very much out of our depth !

Any advise would be great

Many Thanks

herbiesjp

She could try a single application on her own and it will be a lot easier, assuming her income is enough to support the mortgage and any other debts

horse76

We used to have a shared ownership property, and we initially struggled to find a bank that would give us a mortgage, as only a select number offer shared ownership mortgages. We tried the Halifax, but at the time they would only give us 75%, leaving us to find the rest as a deposit. We couldn't manage it, but eventually found a mortgage with Abbey who gave us 95% mortgage, leaving us to stump up a small deposit.

Not sure how you'll stand with a bad credit history. I had/have a good one, while my partner had a slighlty bad one at the time (CCJ). I had to apply for for the mortgage myself (bf wasn't working), but the mortgage was still a joint application.

Searches won't affect your credit rating, and certainly not your gf's if it's already good.

Sorry probably not much help, but sure someone with more knowledge will be along soon.

Oxigin_2

Hi Again,

Many thanks for your replies

I had a feeling her on her own would be the best idea, Oddly my finances look better (in that I only have 1 credit card and no other debts) She has
1 loan, 1 car hp and 1 credit card, But her income vs her outgoings should leave her with enough to cover the cost(s) (even tho I would be paying it)
Her out goings are something like £450 a month which should leave her with about £1000 left over (after tax) we only want 47K so thats about £300 p/m looking at most banks websites,

The house we are looking at is with Bromford home who offer a deal in that if we pay 5% they will match it giving us 10% - Do you think this will make any differance ?
Thanks again