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Getting a mortgage with bad credit rating
jimbobjoylove
Posts: 21 Forumite
My partner and I are looking to buy our first home together. I have bankruptcy on my history (although I am now discharged), whereas her record is perfect. Neither of us have any amount owed on credit cards, we have no loans or overdrafts and have a deposit of about £10,000.
We're looking at the new builds shared ownership options (which are about £240k) which even if I'm rejected, she could get a suitable property in her name only as she earns enough. The likelihood is this will be the route we take (as she'll surely on her own be able to get a £60,000 mortgage on the 25% share as she earns £26K). However, other two-bed properties that aren't new builds but are in the same area are going for £150k, so we're wondering how likely it is we'd get a joint mortgage of £140k for one of these older properties.
I suspect I already know that answer due to my credit history, as well as it also being unlikely that my partner would be able to get £140k on her own wage, but are there any lenders that are more approachable than others?
Many thanks for any advice.
We're looking at the new builds shared ownership options (which are about £240k) which even if I'm rejected, she could get a suitable property in her name only as she earns enough. The likelihood is this will be the route we take (as she'll surely on her own be able to get a £60,000 mortgage on the 25% share as she earns £26K). However, other two-bed properties that aren't new builds but are in the same area are going for £150k, so we're wondering how likely it is we'd get a joint mortgage of £140k for one of these older properties.
I suspect I already know that answer due to my credit history, as well as it also being unlikely that my partner would be able to get £140k on her own wage, but are there any lenders that are more approachable than others?
Many thanks for any advice.
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