First time buyer needs advice!

ambroze

My partner wants us to get a joint mortage with Halifax who he's been with for a long time. We have an appointment next week to see an advisor. Should we be doing this?

GMS

ambroze wrote: »

My partner wants us to get a joint mortage with Halifax who he's been with for a long time. We have an appointment next week to see an advisor. Should we be doing this?

It is always worth speaking to your bank to see what they could do. They may well agree to it. Halifax rely on credit scoring with no guidelines on adverse credit othert than bankruptcy. If it passes credit score it is fine.

Other lenders will automatically decline adverse, whilst others have set rules, i.e none in last 2 years.

Why choose Halifax? They are not the cheapest. Speak to them and look across the market. Cover all angles

Ihatecameron

GMS wrote: »

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.

Even so, the partner still has enough to get the mortgage on his own, as has been pointed out, she does not want to apply with a bad credit rating.

ambroze

GMS wrote: »

Why choose Halifax? They are not the cheapest. Speak to them and look across the market. Cover all angles

He's a bit old fashioned like that. He think's they're more likely to help if its a loyal customer with good standing that's applying. I'll show him your advice and we'll look into it futher.

Thanks for your help GMS

GMS

Ihatecameron wrote: »

Even so, the partner still has enough to get the mortgage on his own, as has been pointed out, she does not want to apply with a bad credit rating.

90k on an 18k salary is 5 x income. This is a high multiple. It may be possible but it would be restricting lenders.

GMS

ambroze wrote: »

He's a bit old fashioned like that. He think's they're more likely to help if its a loyal customer with good standing that's applying. I'll show him your advice and we'll look into it futher.

Thanks for your help GMS

This may well be the case but loyalty should not come at a price for him. If there are better deals elsewhere then these should really be considered.

If you are not to be party to the mortgage then your deposit could cause a problem. Lenders would not like a deposit from somebody who is not party to the mortgage and who will reside at the property.

Halifax may well accept you on the application. Your adverse is historic and small. Like I say there are lenders who would consider.

ambroze

If i'm turned down (can people be turned down individually if they're applying for a 'joint' mortgage?) then I'll simply hand the deposit over to him and he can submit it as his own?

GMS

ambroze wrote: »

If i'm turned down (can people be turned down individually if they're applying for a 'joint' mortgage?) then I'll simply hand the deposit over to him and he can submit it as his own?

Not as simple as that. The source of deposit would need to be confirmed and even if it was gifted by you the lender may have issues with you living there and not being party to the mortgage.

Speak to the Halifax and see what they say.

ambroze

Will do. Thanks again.

Pinkruth

ambroze wrote: »

If i'm turned down (can people be turned down individually if they're applying for a 'joint' mortgage?) then I'll simply hand the deposit over to him and he can submit it as his own?

A few years ago I applied for a mortgage with my then husband. My credit history wasnt the best and we were advised by our financial advisor that my husband should apply on his own. I ended up having to sign away all rights to the mortgage and house with a solicitor, which in my current situation is a blessing, but thats another story!

Its so difficult for 1st time buyers at the moment, but you have a good deposit, your partner has good credit history and compared to alot of people, your history isnt that bad. Make an appointment with your bank and go and see them for some advice. Even a couple of banks, but dont agree to credit checks as this will have an adverse effect. As long as your honest about your historical problems they will give you the appropriate advice and you will be able to determine from there who to go with.

Good luck.