First Time Buyers....mortgage criteria?

kirstytaylfc

Me and my partner are looking to take out our first mortgage, my credit rating is very good but my partners isnt. What my question is, if we are only accepted for a single name mortgage do both incomes get taken into consideration? Or is it just the income of the mortgage holder?

Any help would be greatley appreciated

Thrugelmir

All parties to the mortgage will need to complete the application form.


What issues are affecting your partners credit rating?

GMS

You cannot use an income from somebody not named on the mortgage.

What is the issue with credit? CCJ's, defaults etc? If so when?

How much deposit do you have? How much do you want to borrow?

kirstytaylfc

3 defaulted accounts. 2 settled 2007, 1 settled 2010. Credit score now 519.

We are looking to borrow in the region of 100k and have a 10% deposit. I have a 920 credit score.

both in full time, permenent jobs and have been since 2003 onwards.

SusieWoozy_2

After my very in depth experience trying to obtain a mortgage for the first time, I'm starting to think that credit ratings are a load of rubbish!

My partner has a CCJ and has a rating higher than mine and I've never defaulted or had a CCJ or anything!

Our mortgage application has now gone in in just my name (as he didn't know about the CCJ from 4 years ago until last week thanks to his ex!) they've only taken my income into consideration which thankfully is reasonable but it has meant we will be borrowing less than we need.

kingstreet

SusieWoozy wrote: »

I'm starting to think that credit ratings are a load of rubbish!

Those provided to customers by credit reference agencies are "indicative" at best. I certainly wouldn't pay for one!

SusieWoozy_2

We didn't thankfully! We got a 30 day free trial on experian.

If I looked at finances based on that report I'd never get anything... let alone be approved for a mortgage!

kirstytaylfc

We have a couple of meetings with 3 different banks tomorrow - see what we are likely to be offered, going to let them know about what my partners defaults were.

Do different banks have different sorts of lending criteria?

SusieWoozy_2

I'd suggest getting yourself a broker/ independant advisor, we have one and she's an absolute legend!!

kingstreet

I agree. Definitely a broker job. If you're not careful you could end your third visit with three searches on your credit file and no mortgage. Chances are, you won't find a lender on the high street who'll lend you 90% with defaults on the search.