I have an excellent credit score - my partners is very poor - mortgage?

saphino

Hi,

This is my first post here - I am just looking for some advice.

Me and my partner are looking to buy an apartment at £117000. We have a 20% deposit to put down.

I checked our credit scores last night and whilst mine is excellent 994 on Experian - my partners is very poor. He has a couple of late payments to orange and a default with Vodafone (which we are going to try to get removed as it's not his fault and at the time they assured him it would not affect his credit score).

My question is, will we still be able to get a mortgage? or will my score not count for anything?

Many Thanks

Jo

herbiesjp

If you buy jointly, his credit score will override yours.

So if there is anything there that would put you outside of lending policy, it would be his credit file that they would like at. Yours does not compensate for his.

However it also depends on the severity, amounts, and dates of the credit problems, as to whether or not they will be a problem. Different lenders have different criteria, and so you could get accepted on a joint basis.

The 20% helps a lot - could you get an extra 5% deposit?

Get copies of your credit files, and speak to a whole of market adviser.

saphino

Thankyou for your reply.

The default is over £107, and there are 4 lates to Orange. Seems only small things to mark him as low as 'very poor'?

We could possibly get the extra 5% as my dad is helping us out. We are considering doing the Lloyds lend-a-hand mortgage. What do you make of that? I have seen on news pages that they do a less vigourous credit check if you do it this way. Also it would make us feel better as we would know Dad would definitely get his money back in 42 months.

Jo

herbiesjp

The default is low enough to enter into the lending policy of some lenders.

As for less vigourous credit checks - I doubt it.

Plenty options at 75%-80% so you need to make sure you find the best one that suits your needs.