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Mortgage for partner and myself
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cheqmate06
Posts: 211 Forumite
Hello
Was looking for a bit of information. My partner and me are looking to purchase a house for 120,000 with deposit of £15,000. My credit rating is poor at 450ish whilst hers is excellent at 950ish. Can she be named as the applicant and myself as partner and if this is the case would it mean more chance of success with getting a mortgage.
She earns 25,000 a year whilst my income is 23,000 per year.
Thanks in advance.
Cheqmate06
Was looking for a bit of information. My partner and me are looking to purchase a house for 120,000 with deposit of £15,000. My credit rating is poor at 450ish whilst hers is excellent at 950ish. Can she be named as the applicant and myself as partner and if this is the case would it mean more chance of success with getting a mortgage.
She earns 25,000 a year whilst my income is 23,000 per year.
Thanks in advance.
Cheqmate06
0
Comments
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If you make a joint application, they will check both of your credit histories. I doubt changing who is the main applicant will have any effect - you will both be equally liable for the payments, so if one fails to pay they will chase the other, hence why they check out both applicants equally.
Also - ignore the scores you get from reference agencies - they are wasted money. Each company makes their own mind up and has their own scoring system - they dont use the reference agency's formula!0 -
What (specifically) adverse credit is on your file?0
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If you can get together another £3000 then you will have a 15% deposit and more mortgage deals available to you!0
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about 5 defaults which are settled but don't drop off for another two years. have no other outstanding credit accounts.0
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Perhaps show your mortgage broker your credit reports before proceeding. I applied for an agreement in principle with my partner who has adverse credit. We had never been financially linked before and manage all of our finances separately. The mortgage in agreement was declined and a financial link was created. This in turn led to me losing a house because I couldn't get the problem sorted in enough time. So take advice before creating a financial link.... it can be removed (I applied for a disassociation, which there were no problems with as we didn't have any financial connections) but it's just the hassle of having to do so.
Good luck!0 -
How much were the defaults for and are they satisfied?0
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cheqmate06 wrote: »about 5 defaults which are settled but don't drop off for another two years. have no other outstanding credit accounts.
Good luck, but don't get banking on good news. Not in the current climate, 5 defaults are a LOT. :-(Plan
1) Get most competitive Lifetime Mortgage (Done)
2) Make healthy savings, spend wisely (Doing)
3) Ensure healthy pension fund - (Doing)
4) Ensure house is nice, suitable, safe, and located - (Done)
5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)0
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