First time buyer with poor credit rating

suzzopher

Dear All,

I hope you don't mind me asking for some advice..
Our current situation is that we're renting our property off my dad who we're wanting to buy out, but I'm concerned that we can't get a good mortgage..
Firstly, we are First Time Buyers. We will be able to put down a deposit of about £35k on the property, which we have agreed should be valued at £185-190k.
Secondly, my husband has a Poor credit rating due to 1 CCJ (2005) and 2 Defaulted credit cards (2003-4). We were previously advised that I should make the mortgage application on my own, but to put down my Husband's salary as a second income. Our combined income is £50k and looking around at banks' mortgages they offer, we can get enough money borrowed in principle, but of course that doesn't take into consideration my Husband's credit score.

Thirdly, I have changed jobs three times in the last two years, the second job was part-time so a substantially lower salary (due to poor health).

What would you advise we do? Should we do a joint application, knowing that Husband's credit rating can hold us back because of the size of the deposit; or should we try to get me as the sole mortgage lender but with
his income as a second income?

I appreciate all the advice, if any, you can provide in advance.

Suzzopher

Regina.filangie

From what I understand your credit file only contains information from the last 6 years. So your husband's credit card defaults should have 'expired' by now, and possibly the CCJ too depending on when it was settled. Although some lenders still consider applicants with CCJs/defaults if they are 3 years old or more. You need to get copies of both your credit reports to find out for definite the information that is held on them.

RF

suzzopher

Thanks Regina, that's really useful to know

As per someone else's advice on here we're going to make an appointment with a broker, and we'll get our credit reports as per your recommendation

kingstreet

suzzopher wrote: »

should we try to get me as the sole mortgage lender but with his income as a second income?

Not an option. If he isn't an applicant his income isn't taken into account. Second incomes are for applicants with two jobs.