so stressed...will we get turned down?

Simon_gloster

It really does depend if the arrangement shows as a default or CCJ on his file. If it does you can wave 95% of high street lenders away. Any adviser should tell you that the credit score will effect all of you as it will create a financial link. In a nut shell if 2 of you are OK, the3rd can bring you down.

Also most lenders AIP systems will only credit score the first 2 people and then referred to underwriters for them to score the third appliacnt. At this stage this is where it could get unstuck.

samwise09

Thanks for all your advice.

With much thought we have decided to do what u have all advised. Me and my sister are going to get the mortgage with our 15% deposit and use my OH money to do the house up.

Can some one please explain a little more on this 'Rentention'?

Also we want to put the full asking price in on the house we want of £99,500, my dad has put lower offers in and been reject and we found out on friday that another couple have put in an high offer, Is there any things we can do to secure the property at the full asking price. Can the other couple go above us as it is a repo??


many thanks

inmypocketnottheirs

Also remember that by making a joint application you and your sister will be creating a financial link to your b/f who has less than perfect credit. Creating a financial association in this way will mean that any negative information against him will now be linked to you and your sister.

Personally I advocate the utmost precaution. I can really see some massive potential fallout here.

Mrs_Bumble

A retention is where the lender holds some of the mortgage monies back until the specified work is carried out. A retention can happen when a valuer/surveyor indicates that in their opinion certain works are a necessity, this isn't usually superficial stuff but perhaps in the case of a repo the kitchen might have been yanked off of the walls and the lender in that instance would probably hold monies back until there was a working kitchen in the property that sort of thing.

In any purchase individuals can offer whatever price they want including above the asking price included. It is however important to remember that the mortgage lenders valuer will only value the property at what they think it is worth and that doesn't have to be what you have offered etc.

I think it was a wise move going ahead with the project with just you and your sister named

samwise09

ok the only thing i can think of that defintetly would need doing straight away is a new boiler becuase it has been condemmed.

I cant wait to see if they except the offer on tuesday.

thanks
sam

Mrs_Bumble

Good luck:)