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Likelihood of mortgage?
donnyp_2
Posts: 3 Newbie
I have a house that I'm currently selling which when I pay off my current mortgage will leave me with £55K.
My girlfriend is putting in £25k so we have a deposit for a new property of £80k.
We are looking at a £250k house with an income of £44K between us. My credit rating is not good at all but hers is imaculate.
What are the chances of being granted a joint mortgage for £170k?
My girlfriend is putting in £25k so we have a deposit for a new property of £80k.
We are looking at a £250k house with an income of £44K between us. My credit rating is not good at all but hers is imaculate.
What are the chances of being granted a joint mortgage for £170k?
0
Comments
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What is the issue with your credit?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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I had a default in 2009 but thats it of recent times. The main part of my credit issues stem back to 2006 when my business went up a certain creek. I still cant get a credit card and I took out a mortgage to consolidate everything which i've paid without a hitch for 3.5 years0
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Try speaking to your current lender to see if they would add your partner to the mortgage and advance further funds.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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Are credit checks for mortgages treated in the same way for credit cards and does having a good deposit help your case?0
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Credit checks are carried out the same, as in data is collected.
Every lender will choose how they view data and what they will allow as a pass or fail. One decline does not always mean somebody else will decline.
Having a bigger deposit will help lower interest rates, and may bring in to play more flexible criteria.
If you have a poor credit rating you shoudl speak to a 'Whole of Market' broker as you may need a specialist lender.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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