1st time buyer mortgage advice please

carefree88

Hi all,

Apologies in advance for being naiive etc but have never had a mortgage before.

To cut a long story short, I have a really poor credit rating. Without wishing to disclose too many details, I was in financial trouble. I have now paid all my debts off etc, but my credit rating is shot, and as I understand it, will be for quite a few years to come yet. Anyway, my question is this: My wife has a good credit rating, so would we be able to take out a joint mortgage despite my bad rating? Or will my bad credit rating ruin all chances of us taking out a joint mortgage in the future?

molit

Not an expert in this area, but I would suggest getting a joint mortgage would be very difficult.

Your best bet it to speak to a mortgage adviser. Might be worth checking your credit reports to make sure that you havent missed anything?

Sorry I cant be more positive

dimbo61

You are perhaps best speaking to a "whole of market mortgage broker" to find out if he/she can sort you out with a mortgage .
Much depends on your income / your OH,s income, deposit, LTV of the property you want to buy and what your credit report/score looks like.Income multiples are also important

GMS

What percentage deposit do you have?
What was the credit trouble?
Any defaults?
Any CCJ's?

If your wife has a good rating could she take the mortgage in her sole name?

jenand8285

Hi, I posted a question like this a few days ago but now I can not seem to find it.

I am sort of opposite to the OP. My husband has a bad credit rating, but mine is good. Based on the mortgage calculators online I could get the amount we wish to borrow on my salary alone, we will be first time buyers and have not seen any mortgage advisors yet as we still have a little saving to do.

Is it likely I would get a mortgage alone? Would the advisor do a credit check on us before and then advise if we are likely to get a mortgage or would we have to actually apply before getting such a decision? I am worried about hindering our credit rating. Our deposit will be 10% with savings to keep us for three months. Any advice welcome