Joint mortgage question

Kitchenqueen

Hi,

My partner and I are looking for a home together shortly. The situation with regard to a mortgage is that he has been a home owner previously and has approximately £60,000 to use as a deposit and also has an impeccable credit rating. He has been an excellent saver (please bear in mind when reading he is 15 years older than me) whereas I have never really had the opportunity to save very much. Also, I do not have a good credit rating at all - unfortunately I have been a victim of fraud believe it or not at the hands of a close family member. Although the reasons why I have bad credit are irrelevant I suppose!

My question is that when it comes to applying for a joint mortgage, will my poor credit mean we won't get a mortgage at all or will it affect interest rates only?

This is a massive weight on my shoulders and would love to know the answer if anyone can help at all!

Thank you.

kingstreet

Nowhere near enough information to give you anything like a meaningful answer.

I suggest you obtain copies of your credit files from all three credit reference agencies and talk to an independent or whole market broker who will best be able to analyse the situation and give you a much clearer opinion of your options.


Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/gb_consumerletter.ehtml

Experian

https://secure.wiseconsumer.uk.experian.com/wiseconsumer/secure_index.html?data=00

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=register_display&tpl=regPurchase

fellwalker09

Hi -this may not be much help for now, but obtain copy of your credit report from experian and equifax. It depends on how bad your problems are, if I am right. For instance, if you have a ccj or a default, it will possibly be an obstacle obtaining a mortgage (joint) from main lenders. You should get some specialist advice really from a broker -London& County are ok (have used them -no fees up front.) The brokers know who to approach whereas you may not. Perhaps, if the problems are not too bad, you may be able to pay off any bad debt? or you can put a notice of correction on your file to indicate you have been a victim of fraud etc -lenders will see this when doing a search and may perhaps consider the circumstances. Best of luck to you.

Experian_company_representative

A broker is a good tactic here. They know which lenders will tolerate your checkered credit record and offer you the best rates.

James Jones