Mortgage Acceptance?

r14gmt

Hi,

I was wondering if anyone could possibly advise regarding my current situation. I currently have a mortgage with Northern Roack which I have had for seven years. I entered into a trust in 2002 and this was concluded in Nov 2005. I noted that this is recorded on my credit file with all the major credit reference agencies. Although I had default notices on my credit rating prior to entering into the trust deed, they are all now satisfied, however in general on the credit reference agencies website my rating is poor. I have missed one mortgage payment in the seven years with Northern Rock, this was almost three years ago.

The problem I have is that I am intending to put my house up for sale, I will have approx £30,000 deposit to put down on a new house, which is going to cost in the region of £180,000, my partner has a very good score with all the credit reference agencies and she will be entering into a new mortgage with me, our total income being in the region of £53,000 p.a. I do not want to put my house up for sale if I will not be approved for a new mortgage, hence my catch 22. I checked on the mortgage calculator for Northern Rock and purely for borrowing purposes the figures which I detailed would be acceptable, however I worry that once they do a credit check they will not approve me. As far as I am aware they can only do this more detailed check, with credit scores etc, until I am in a position to put an offer in on a property, I can't do this until I sell my own, catch 22!!!

Can you possibly advise regarding this situation? On an income expenditure model myself and my partner would be able to make the payments on a new mortgage comfortably and we can illustrate this to the Northern Rock, however we don't know how to proceed?

Thanks for reading

herbiesjp

You can ask NOrthern Rock to give you an agreement in principle for the new amount of borrowing you need.

You do not need to have sold your property to get this agreement in principle.

They will credit score both of you and make a decision based on your joint credit files

HTH