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Bad debt mortgage
dantking
Posts: 9 Forumite
Hi a newbie here!! Can any one give me some advice on getting a joint mortgage. I have a very bad credit rating and earn £22000. My missus has an impecible credit rating and earns £44000. we have a possible £10000 in savings and £30000 equity on our current property (approx). Does anyone have any bright ideas please.
Thank you kindly
Thank you kindly
0
Comments
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Don't get a joint mortgage.... If your bad credit rating really hasn't contaminated hers (by e.g. having joint accounts) then get a mortgage only in her name. Since she is by far the higher earner, it shouldn't affect the amount that you can borrow too much.0
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If I were a lender I would want you to both be on the mortgage and jointly and severaly liable for the debt................................I have put my clock back....... Kcolc ym0
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Robert_Sterling wrote: »If I were a lender I would want you to both be on the mortgage and jointly and severaly liable for the debt.
So that means u'd be happy to offer FTB's sub prime mortgages!........so much for live & learn!!!0 -
So that means u'd be happy to offer FTB's sub prime mortgages!........so much for live & learn!!!
I think you'll find most lenders will want both owners on the mortgage if they are to be joint owners of the property.
Double the borrowers, half the risk - since both can be pursued for the full amount should repayments not be kept up to date.
If the borrowers are too big a risk, the lender shouldn't lend the money. At least that's what I hope they've learned
"Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
Thanks for your help. using alliance and leicester's mortgage calculator with just my partners earnings she could borrow 176000 but with my earnings as well the amount increases to 280000!! !!!!!! curse my bad credit!!! :mad: I am at least paying all these debts off. Really want to be debt free!!!!!!:j She already has a mortgage0
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