First Time Buyers

georgie262

My boyfriend and I are looking to buy our first house. We have been together 7 years and are expecting a baby in the summer, we have currently saved a joint deposit of £15,000, have salaries of £27,500 plus bonus that usually brings it to around £35,000 (him) and £24,000 (me). We are still saving I save all of my wages and we live off his salary. The problem I have is a poor credit rating I have 2 defaults on my file. My OH's bank HSBC have said that we wouldn't get a joint mortgage but they would give him a mortgage of £120,000. My question is this: Is there anyway I could later be put on that mortgage when my credit is sorted (I would have paid equally towards the deposit and payments) or is there anyway if I am paying money into his account regularly that could be taken into account by the lender and to up the mortgage to maybe £130K which would allow us to buy in a better area?
We both currently have no debt.
Thanks in advance:o

CloudCuckooLand

You cannot expect them to take into account the positive, your salary, without also considering the negative, your credit, no...

HSBC are one of the pickiest lenders. May be worth talking through with a mortgage broker, to get at the detail of your defaults and see if they can point you at an alternative lender.

Going for a single application could hit a hurdle in terms of your portion of the deposit - a lender usually wants any "lent" deposit to be a gift.

Not such a bad idea going for single app, otherwise, as your income may well alter after the birth.

georgie262

Thanks I suspected that would be the case, I suppose I was hoping for a magical solution, but my salary is likely to decrease at least for 3 years after the birth. Thanks