First time mortgage advice/suggestions/help please!!!!!!!

colonelsnarf

Hello, I am wondering if anyone can offer some advice, ideas or solutions.

Myself and partner are looking at venturing into the first time buyers market but have hit a stumbling block. Her credit record is impeccable yet mine is the opposite as a few years ago I ended up getting some default notices when I was made redundant.

We have looked at and know she can get a mortgage in her name no problem without me mentioned but obviously I am cautious as due to what my rights would be if anything ever happened.

Firstly is it possible for us to put me on the deeds but not on the mortgage? or Could a solicitor put a legal document in place showing I am entitled to half of any equity if there were future issues?

My concern is that I will be ploughing £1000's into paying the initial deposit, solicitor fees etc and until my credit file is cleaned up would not be able to be named on the mortgage. Does anyone have any experience or suggestions of situations like this? Any advice would be much appreciated.

thanks

0james0

To be on the deeds you'll have to be on the mortgage.

How much deposit have you got? 25% and you might be ok.

colonelsnarf

Hi Thanks for replying, we're we've got close to £20k deposit already saved. I am worried about even being credit checked by the mortgage companies because it will make my score even worse. Just wondered if there are any other ways around it like a guarantor or something? I sorted myself out about 2 years ago and paid off everything I owed so the defaults show as settled however that doesnt count for much as far as credit scores go I am finding.

GMS

It depends on when the defaults were, how much for, what loan amount you want, income and other factors.

Speak to a 'Whole of Market' broker, you may find some options are available.

herbiesjp

A guarantor will help if there is a shortfall on income.

A guarantor cannot help improve credit history I'm afraid.

colonelsnarf

I dont think the income is going to be the issue, just the fact my credit rating is poor. Will it be worth pursuing the idea of a higher deposit than £25k if it will make any bearing on the outcome with me on the mortgage application?

herbiesjp

Depending on the exact details of the adverse credit, a 20%-25%+ deposit could well open up more doors for you.