Poor credit score and factors affecting mortgage decisions

Cody

Dear Forum;

Due to a failure of the company I founded and ran for 6 years, I have now got a sizeable debt and poor credit rating. I do though now have a secure job.

My partner also has a secure job and a good credit rating.

We would like to plan to deal with my debt (possibly a lump sum IVA), save a deposit and buy a house. My question is really whether we are likely to be accepted onto a mortgage (assuming we can find 25% deposit), with the combination of my bad score and my partners good score.

Do mortgage lenders assess in detail credit history, understanding reasons for poor credit scores (i.e. failure of company) and recognising current secure financial position? OR?, is it much simpler based on credit scores alone?

Otherwise, is it then better for any mortgage applications to be made by my partner alone?, so my c.history does not bring us down?

Yours Unsure

Cody

I_Love_Shoes

you can ask a broker to look at both of you getting a mortgage, just send them your credit reports from experian or equifax or somewhere like that. they will then be able to tell you if youll be accepted and how much they will give you.
How long since youve had bad credit? any late repayments or anything like that stays on your credit file for 6 years apparently.
i just got turned down for a mortgage because of a few late payments =( so i wont be able to get one for about 4 or 5 years, but my partner can get one.

handytips

Looking at your post i would definately say. Get the mortgage in your partners name alone. Remember IVA's will stay with you for years and your credit rating will not improve for a very long time, have you tried negotiating with your creditors directly, get them to stop the interest payments and agree a sensible monthly payment with them ? I can tell you the answer to getting a joint mortgage now, and that is NO you wont get one.