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bad credit mortgage advice
coventryloyal
Posts: 1 Newbie
me and my girlfriend are looking to buy a shared ownership property, 70k for 50%, we have 10% deposit, may be able to get 15/20%.
problem is i have a bad credit rating (99) with banks. girlfriend has excellent credit rating.
we dont have any debt now and i earn 26k, she earns 14k.
what are our chances?
problem is i have a bad credit rating (99) with banks. girlfriend has excellent credit rating.
we dont have any debt now and i earn 26k, she earns 14k.
what are our chances?
0
Comments
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Slim to none. Banks will probably question your salary due to poor credit rating, and will offer a max of 4 times your gf's salary which simply isn't enough
I'd ensure your debt is cleared and rebuild your credit rating over the next few years, save your deposit to a bigger amount and re-assess the situation in a years time.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
When I say question, I mean not view you as a potential reliable mortgage payer, thus disregard you from the equation.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370
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