Can we get a morgage with my partners bad credit.

sugarshop

Hi Im new to here.

I was wondering if there is anyone that can offer me quality mortgage advise for free?

My partner and I are desperate to get out of renting accomodation. Mainly because we now have a 2 yr old little girl and would like more security for her and move forward in life. We would like to get a mortgage together but not sure what our chances are at the moment. so any advise from experienced persons would be very much appreciated

I'm a part time key worker earning around 12000PA. My partner works full time as a recruitment consultant earning around 27000 PA. I have an excellent credit score of 492. However his credit score is very poor at 189 and he has one account that has defaulted. Im really concerned as we would like to buy our own house together ASAP. Is there any lenders out there that would consider us, especially with his poor credit, and if so do they have reasonable interest rates. We would also be first time buyers and did not know if we would get special deals with me being a key worker. If i am financially associated with my partner in the future would this have a negative impact on my credit rating because of his poor credit?

Any advise of the best route to take would be very much appreciated. Im very much at a loose end.

Thankyou

sugarshop

Wh05apk

Do not waste your time or money on getting a credit "score" it means nothing, different lenders have different criteria, and place emphasis on different factors.

How long ago was the default? has it now been repaid?

How much deposit do you have?

sugarshop

The account defaulted in 2009. They said that my partner did not notify him of change of address however he is on a debt management scheme with gregory pennington and they were ment to notify them but did not. My partner only realised it defaulted last night when checking his credit report. He owes the company £630 pounds and will be contacting gregory pennington to sort it out. he has other credit card accounts that he pays through greggory pennington and he does not pay interest. We do not have any money for a deposit. Are there any these days were you do not need deposit, ie homebuy scheme? Not sure how to start the process off and who i need to speak to first. what would you recommend? Which criteria would best suit us and how do i find the most appropriate lender without affecting our credit reports.

Wh05apk

When will people learn that most of these debt management schemes only benefit the debt management companies, so often I hear about people getting into worse problems because these companies hold back payments for a few months to cover their charges, only then do they start paying your debts, by which time you are another 3 months behind. Rant over!

Realistically you will have next to no chance, with no deposit or savings for costs/fee etc. Most homebuy schemes will still insist that you put down some deposit, and unless you are putting down a big deposit the default will likely cause you to fail their credit score.

sugarshop

Once he has paid the defaulted account how long will it take to come of his credit report and stop affecting his credit file? So concerned about our future now. :-(

neenmarie

Hi
I am in the same situation as you but we are lucky and do have a mortgage already but my husband has ran up some debt which we want to pay off so have to re-mortgage but with his credit history is proving very difficult. Regarding the defaults on the credit report i'm afraid they stay on there for 6 years from the defaulted year so 2009 in your case. It will be 2015 before the default will be removed. Good luck x

Thrugelmir

sugarshop wrote: »

Once he has paid the defaulted account how long will it take to come of his credit report and stop affecting his credit file? So concerned about our future now. :-(

Clear your outstanding debts as a priority. Once this is achieved start saving and make saving a habit. Set yourself sensible goals that will motivate you to achieve your dreams.