First Time Morgage split question

kris88

Mortgage help.

Hi, I wondered if you would be able to help – my girlfriend and are applying for a 95% Nationwide mortgage – we have the deposit saved but just waiting for the 6 months to pass so we can apply – should be June

She has banked with them for sometime and also has a superb credit rating so she will be the main borrower and we earn similar salaries but I am a little bit concerned:

• My credit rating hasn’t been the best due to some actions when I was a lot younger but I’m slowly trying to put this right – I’ve not defaulted/CCJs but have been occasions where I have missed payments – I have also been rejected when applying for credit cards in the past 12 months.
• I still have about £6k across a couple of credit cards and one loan – I hope to halve this down to about £3.5k – £4k by June

As I’m not the main borrower how much will my current debt/credit rating have an effect on the amount we can borrow and worst case scenario if we will even be approved for the mortgage.

As I said my girlfriend’s credit rating is excellent and she only has about £1k across a couple of cards and this is likely to be paid off by the time we apply.

Any help/advice would be appreciated

kingstreet

There is no "main borrower" all your information goes into the big box in the corner of the lender's office and once it's mixed up, a result comes out.

That will be decline, refer or accept.

95% is a tall order for the cleanest borrowers at the moment. There's too many borrowers chasing too little money. All you can do is put in your application and see what happens.

Anything you are told on here about your chances will be pure speculation. Sorry.

star4876

Hi Kris, kingstreet is right and any application between two people is treated as 'one unit' and not a 50/50. They won't approve your girlfriend and decline you, they'll just decline your joint application if thats whats going to happen.

For example, if you bought a house and one of you stopped paying 'your half' then the bank would come after you both, even though its a joint venture its very much a 'one pot' scenario.

I do know that the big "hit" for being declined on credit comes after 3 failed attempts, when you've got 3 failed applications it can take a year or two to clear from your history. If you have been declined one card and have a few late payments I wouldn't imagine your credit report would be too disastrous.

If you're really worried go to one of the referencing companies and take a look at your report, that should give you an idea of how good or bad it is either way.

kris88

Thanks to you both for your advice.

I have looked at my credit reports from Experian and Equifax and I was pleasently surprised so I just hope all will be well