Getting a Mortgage. . .

herbiesjp

LollyLou wrote:

Just referring back to the comment from Mr Helpful re my BF's salary. Yes, he does earn an extremely good salary but I also don't do too badly. His is approx £150K and mine is approx £45K. I think it would be silly to leave me out of the mortgage as this could affect the amount we are entitled to borrow. . .

It may do and it may not - it all depends on the lender.

The other thing you need to remember is that your credit history, may affect what rates are offered to you.

SO you could go jointly, and get the amount, but maybe not the best rates (all depends on the lenders)

Or you could go in his name only, possibly get the mortgage amount needed, but you would not be on the mortgage

Which scenario would you prefer

HTH

LollyLou_2

Ideally I would like to be on the mortgage but if my credit history will affect the rate we get, I guess I could consider not being on it. Again, I will run both options through out FA when the time comes round.

Thanks for the advice everyone.

learntmydebtlesson

Hi :j

Have you obtained a copy of your credit report? You can apply for this from experian and by sending a £2 cheque. Be careful not to sign up online as after a 30 day period they charge you £60 (or so) for the year if you have not cancelled. It may be an idea to see exactley what's recorded on your report.

I am in a similar situation to you where I have a default on my file, this was settled in 2005, I recently spoke to an IFA, who I am waiting to hear back from and he said that as long as it had been settled for more than a year and the amount is under a certain bracket, it shouldn't stop me getting a mortgage but may mean that we need more deposit or we will pay higher interest rates....

With your salaries I am sure you'll be fine. Sounds like you have be repairing your credit file too.

Good luck