Urgent mortgage advise needed please

tracey2009

Hi There

My boyfriend and I are looking to purchase our first home together and have found a house we love.
I have a terrible credit rating and can't even get a credit card so we will have to get the mortgage in his name only (even though I earn more)

He earns £22,000/annum and has rental income of £8,000/annum.
His monthly committments are £150/mth on a loan and mortgage on the rental property of £300/mth.

What are the chances of us getting a mortgage as follows:

Property value £169,995
We have deposit (£ 35,000)

NEED TO BORROW £134,995

Any advise would be so gratefully appreciated as we are at the end of our teathers and very worried.

Thankyou x

Mrs_Bumble

Does your boyfriend declare the rental income as earning to the tax man? If so how long for?
Is the mortgage for the let property on a buy to let basis?

Why is your credit rating terrible?

GSXRCarlos

i've just typed in your details into nationwide's martgage calculator

30,000 pa, 450 outgoings will lend you approx 100,000

i suggest you speak with a real mortgage advisor and see what they say

Wakey2008

It's wouldn't be possible with the lender I work for as it would be took much of an income stretch.

What is it that actually makes your credit rating so bad?

herbiesjp

Have you done anything since this post:?

http://forums.moneysavingexpert.com/showthread.html?t=1945291&highlight=

tracey2009

My credit rating is poor as store card debts got out of control 2 years ago and I had to go with a debt collection agency. I know it is really bad as I even got refused for a credit card!

tracey2009

My boyfriend completes a tax return and declares the income yes. He has been doing this for approx 5 years.
He bought the property as an investment and has rented out since purchase

tracey2009

Herbiesjp - yes, we contacted a mortgage broker as you suggested and they could not help us as my credit is so bad. That is why we are again looking at getting the loan in his name only.
His mum and dad own a very sucessful business (a farm) and his dad has said he will act as guarantour. His dad is 57 years old. Do you think this will help at all?

herbiesjp

A guarantor mortgage is definitely an idea.

And is one scenario a broker should cover with you

Surprised the first broker did not mention that, or any other suggestions really

tracey2009

Somebody has just told my boyfriend that RBS would offer us a mortgage if we put a 25% deposit down despite my bad credit - do you know if this is right?

herbiesjp

Have you got a copy of your credit file?