slightly tricky new mortgage question

mortgagequerier

hi all thanks for all help in advance

i am looking at buying a first property valued at around 100k with my partner

my partners credit history is fine mine however isnt.

The idea we have at present is for my partner and her dad to get a joint mortgage (her dad already has a mortgage on his property he lives in and has an excellent credit history).

Would this mean that mortgage wouldnt be classed as first time buyer?

How easy is it in 6 months time when my credit file will have been repaired to a decent level for me to be added to the mortgage and her dad be removed?


thanks again

both myself and my partner earn approx 20k a year

Senior_Paper_Monitor

It would not be a first time buyer mortgage (but it is well below the stamp duty level anyway - otehr advantages are usually minimal).

If your credit file can be repaired in 6 months there can't be much wrong anyway - there may well be another option where the increased mortgage rate (as result of credit rating) is considerable less than the cost of multiple equity transfers (which may well be unacceptable to lenders for a variety of reasons anyway).

I would suggest using an experienced broker rather than a web forum to solve this one.

powerwin

How much of a deposit do you have?

Given you both earn £20k, your property purchase seems ok for mortgage affordability. Have you actually made initial enquiries as to whether you could already get a mortgage as you and your partner?

Rgds

mortgagequerier

thanks for replies

we have about a 15k deposit as a max

as it stands currently we cant get a mortgage with just the two of us

Senior_Paper_Monitor

If "you can't get a mortgage with just the two of us" (and I have no idea what that is based on) then 'gambling' on it changing in six months time "when your credit file will have been repaired" would be extremely risky ('credit files really don't 'repair' in six months - they are rebuilt over a long term).

Take advice / prepare a long term plan / execute it (and don't listen to 'bar room', or even 'internet', advisers in the mean time).

GMS

What is the bad credit?

Defaults?
CCJ's?
Missed payments?

If so when?

There are lenders out there for people with historical bad credit. If you feel your credit will be repaired in 6 months then it cant be too bad now.

Have you explored options for a joint mortgage?