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First time buyer needs advice!
ambroze
Posts: 60 Forumite
I was just wondering if anyone here has any experience with or knowledge regarding my current predicament.
I'm looking to buy a house for the first time with my partner. We want to borrow £90,000. He earns £18,000 and has a good credit score and has a deposit of aproximately £40k to put down. However I have £20,000 to put down, yet have a 'poor' credit rating (close to fair though and I am yet to register on the electoral role) and a salary of only £13,000 a year.
What are my chances of being granted a joint mortgage with him?
I'm looking to buy a house for the first time with my partner. We want to borrow £90,000. He earns £18,000 and has a good credit score and has a deposit of aproximately £40k to put down. However I have £20,000 to put down, yet have a 'poor' credit rating (close to fair though and I am yet to register on the electoral role) and a salary of only £13,000 a year.
What are my chances of being granted a joint mortgage with him?
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Why do you have poor credit? CCJ's, defaults, mised payments?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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A CCJ 5 years ago and a defult on an account0
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When was the default and for how much? How much was CCJ? Is the CCJ satisfied?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 was just wondering if anyone here has any experience with or knowledge regarding my current predicament.
I'm looking to buy a house for the first time with my partner. We want to borrow £90,000. He earns £18,000 and has a good credit score and has a deposit of aproximately £40k to put down. However I have £20,000 to put down, yet have a 'poor' credit rating (close to fair though and I am yet to register on the electoral role) and a salary of only £13,000 a year.
What are my chances of being granted a joint mortgage with him?
Your partner has enough to get a mortgage on his own, you can chip in if you want to. See how it goes first.0 -
Ihatecameron wrote: »Your partner has enough to get a mortgage on his own, you can chip in if you want to. See how it goes first.
£18000 salary to borrow £90000? Could be tight that and you have no idea on outgoings etc. 5 x salary is not the normI 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 -
Yes it was satisfied, I believe it was for less than £200, and the default was for £257 January 20090
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Well I mean it would be £90k between the two of us.
I know you meant between the 2 of you but the poster had said partner to get the mortgage on their own.
If that is the only adverse credit you have then there should be options for you.
Do not apply to lenders at random as any hint of adverse will mean a decline with many lenders. The more applications you make the lower your credit score becomes.
You have a large deposit so you have lenders who will consider your circumstances available to you.
Speak to a 'Whole of Market' broker to see how to proceed. It is vital you apply to the correct lender rather than the cheapest.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 -
Ihatecameron wrote: »40k deposit means you are borrowing 50k.
First time buyer needs advice!
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I was just wondering if anyone here has any experience with or knowledge regarding my current predicament.
I'm looking to buy a house for the first time with my partner. We want to borrow £90,000. He earns £18,000 and has a good credit score and has a deposit of aproximately £40k to put down. However I have £20,000 to put down, yet have a 'poor' credit rating (close to fair though and I am yet to register on the electoral role) and a salary of only £13,000 a year.
What are my chances of being granted a joint mortgage with him?
'We want to borrow £90,000' clearly means they want to borrow 90k. If it said 'We are buying for 90k and have a 40k deposit' then that would mean borrowing 50k.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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