Mortgage conundrum: any help appreciated

mixer2011

Hello. I wondered if anyone has any ideas or suggestions to my dilemma. (I'm being notional about my scenario below).

My fiancee and i would like to move house. At the moment, the house in which we live is mine, worth £150,000 with a £50,000 mortgage outstanding.

The new house would be £200,000 and my fiancee would like have some equity and contribute have the mortgage (so it's £50,000 each).

Problem is, due to financial problems in the past my fiancee's credit rating is very bad (465/1000 ranking). That said, the Debt Management program she is undertaking is 3 years in with no missed payments.

My credit rating is very good. But I've read that a Joint Mortgage may be a bad thing, impairing my rating indirectly with all the consequences that brings (punitive mortgage charges etc).

Does anyone have any advice (and blunt honesty is not a problem) as to how we could satisfy the aim of securing 75/25 equity, with my fiancee making the necessary 50/50 mortgage contribution?

Thank you for reading this, any advice or suggestions would be great.

slummymummyof3

Aren't you better off waiting until your fiance has finished her debt management program before she enters into any further financial commitments?

VIGILANT22

It is highly unlikely yr gf would qualify for a mortgage whilst in a DMP…Ple read below from Payplan
www.payplan.com/frequently-asked-questions/debt-management-plans.php

Debt management/Payplan… We ask clients not to obtain further credit whilst in a DMP. It can be considered fraudulent to take out credit that you know can't be repaid. The debt management plan will make sure you have enough money to live on, so you shouldn't need to take out any more credit. There are of course exceptions, such as a company credit card where you are not liable for the payments, but you should declare these to your case officer to avoid any problems.

Credit in a joint names creates a financial association.
For someone with good credit to make a financial association with someone with bad credit would not be very wise……………