Urgent mortgage advise needed please

tracey2009

I have just received from Call Credit. I am still waiting for Equifax and Experian - as I had to apply by post.

herbiesjp

Who is this somebody? Have they seen your credit file?

tracey2009

A friend of my boyfriends has just told him that.
No, they haven't seen my credit file. They just said RBS are not too bothered about bad credit so long as you can put down a 25% deposit.

herbiesjp

Well - I think you will find that lenders ARE bothered about adverse credit

But if you want to follow your friends advice then go for it

SandC

If he already has a mortgage for the rental property this will also be taken into account and I think you may find it a struggle to find a lender. Two mortgages on one salary of £22k?

Mrs_Bumble

The mortgage in the background is a buy to let mortgage that is funded by rental income and has been for several years, with the income declared to the taxman and proveable, therefore disregarded.

In relation to the adverse credit history - RBS will most certainly be bothered by it, regardless of the size of the deposit, and if your credit history is as bad as you say it is, there is absolutely no point linking your credit history to your boyfriends.

tracey2009

Thank you Mrs Bumble. That is what I thought. Do we not stand a cat in hells chance of getting the mortgage in his name only - I know he only earns £22,000/year + the rental of £8,000 - but his parents own a very profitable farm and his dad has offered to act as a guarantor (My boyfriend works on the farm too and has done for 12 years) or am I clutching at straws?

herbiesjp

tracey2009 wrote: »

but his parents own a very profitable farm and his dad has offered to act as a guarantor (My boyfriend works on the farm too and has done for 12 years) or am I clutching at straws?

As long as you are not on the mortgage, then yes, that would help.

But his parents would need to meet the criteria

And you would not be on the property deeds or the mortgage

tracey2009

His parents would definately meet the criteria.
I know I wouldn't be on the deeds etc but I think we can maybe get a document drawn up as I will be paying half of everything (I actually earn alot more than my boyfriend) - thankyou, you have made me feel as though their might be some hope here!
On my boyfriends income alone he can get a mortgage of approx 100k and we need 130. Would his dad step in for the balance or do they both just apply for the full amount? I guess his dad will prob know seeing tho he has offered to act as guarantor.
Thanks so much for the advise - if there is anything else you can tell me Id be so grateful.

getmore4less

tracey2009 wrote: »

Thank you Mrs Bumble. That is what I thought. Do we not stand a cat in hells chance of getting the mortgage in his name only - I know he only earns £22,000/year + the rental of £8,000 - but his parents own a very profitable farm and his dad has offered to act as a guarantor (My boyfriend works on the farm too and has done for 12 years) or am I clutching at straws?

They could pay him more