Joint FTB's where one has bad credit history.

clive80

Hi Guys and Girls.

Does anyone know which lenders will consider us for a joint application where one of us has bad credit history?

Me - Salary 24k, clean credit file.
Partner - Salary 4k, previously unpaid debts just paid off, so bad credit file.
Both have no current loans, credit cards or overdrafts.

Deposit 40-45k
Purchase price - 125k
LTV - 64-68%

According to a search on M0neySupermarket.c0m mortgages and when ticking the box to say yes to 'adverse credit' it says Yorkshire building society, Cumberland, and Ipswich would be prepared to lend to us.
How acurate is this???
Does our low LTV ratio help our cause????

Any help regards this would be fantastic.

Sick and tired of paying someone elses mortgage!!!!

P.s Would an application by us hinder my own credit score???
Thanks again.

ACG

Is there any reason why your against doing an application in your name alone?

We need to know more about your partners debts - how many were unpaid, how many late/missed payments, defaults, when were they and how much for.

Presumably you have your reasons but instead of paying maybe 3-4% interest rates you would probably end up paying more like 5-6% and possibly bigger fees upfront too with some of the more adverse lenders.

clive80

One big one, 4 years old. Other 3 mobile phone bills left unpaid for 3 years. all clear now. All left as long defaults until recently cleared. No ccj's tho.

clive80

Who are the sort of lenders that could help us other than the main high st ones???
Idealy we'd like the 3-4% option tho!!
Would our LTV ratio help much???

Dave_Ham

Take the mortgage in your name only, remortgage OH on in 2 years.

Take advantage of the good rates to recognise your deposit.

Best of luck