How much do I reveal to my mortgage advisor

ollyfarrow

My partner and I are on the verge of getting our first property for 250k with 125k deposit.

We had an agreement in principle accepted with both HSBC and Post Office. We have since learned that my partner has a very low credit rating due to 2 defaults and a CCJ. We did two credit reports, one bought up all three issues and the other only bought up one default and no CCJ at all.

If we can't get a joint mortgage I will need to borrow an extra 20k from my family to get the mortgage on my own. I only want to do this as a last resort.

My question is;

do we tell the people at HSBC or the Post Office about the CCJ and defaults and ask them if there is any point in trying for joint mortgage? This might save us time and bother.

or, just keep quiet and hope it all goes through okay?

What do you think?

_Andy_

They will probably need to be declared on the application form (failure to do so is fraud, which, contrary to what many on this forum would suggest, isn't cool or a good idea).
That said, if the AIP is OK it may be due to the high deposit you have they're happy with it (i.e. the AIP is a credit search)

opinions4u

I'd be honest up front.

It only saves disappointment later.

Cazza

Tell the mortgage adviser everything. You can't expect them to fulfil their obligations to give you best advice otherwise.

Too many credit searchs in a short amount of time might have an adverse affect on your credit score, if you're borderline in the first place, it could tip you just the wrong way if you apply for an inappropriate product. See someone who is independent and whole of market and listen to their reccomendations before you do anything with the Post Office or HSBC.

Thrugelmir

ollyfarrow wrote: »

My partner and I are on the verge of getting our first property for 250k with 125k deposit.

We had an agreement in principle accepted with both HSBC and Post Office. We have since learned that my partner has a very low credit rating due to 2 defaults and a CCJ. We did two credit reports, one bought up all three issues and the other only bought up one default and no CCJ at all.

If we can't get a joint mortgage I will need to borrow an extra 20k from my family to get the mortgage on my own. I only want to do this as a last resort.

My question is;

do we tell the people at HSBC or the Post Office about the CCJ and defaults and ask them if there is any point in trying for joint mortgage? This might save us time and bother.

or, just keep quiet and hope it all goes through okay?

What do you think?

Your lender who ever it is will run a personal credit check so will find this information. Your application will be declined as you have lied.

Be honest with your mortgage broker. Let him do his job properly which is find you a mortgage.