first time buyers - one good credit one bad - help?!

lisaathers

Hi,

My partner and I are looking to buy a house. He has very good credit, however due to mistakes at uni, I have bad credit. I have been improving it, however how much will this affect us buying? I am on a slightly better wage than he is, and we both have respectable jobs, and now we are both very reliable financially, however as I say, how much will my bad credit off set against his good credit?

Its all at the early stages, and I will obviously research, but I just want a bit of a nudge in the direction.

Thanks

Dave_Ham

Sorry for you to achieve any sensible help, you need to give us more to work off.. Currently you will just get the usual suspects telling you that even at Uni you should have been responsible.

For us to help, it would be useful if you could define "bad"

Did you get any CCJ's or defaults and if so for how much, when and are they now repaid?

What deposit do you have and what approx. price range are you looking at?

lisaathers

ok, sorry, so basically, we are looking to buy a house that my boyfriends parents bought as an investment, at a reduced price. So the house is worth approx 135000 and we are able to buy it from them at 110000. We are also saving for a deposit so we can give anything between 5k and 11k as there is no rush for us to buy it as his parents aren't selling it to anyone else.

I did get a ccj yes, it was only for 1400 and was paid off around 3 years ago. I am currently paying off an old credit card but only have a bit left and will have finished paying that off in july this year. I pay everything else now (and since uni - Im 27 now) regularly and on time. We have a combined income of 50k.

Thank you for your response, I hope this is of some more use.

Dave_Ham

Given thee additional information provided, I would be confident of achieving a mortgage..

There are a few challenges though, so would suggest you try and get a recommended broker through friends/family..

May end up in Building Society rather than a bank though, or non highstreet bank

lisaathers

thats great thanks for the reassurance, it would probably make sense then to speak to the people that his parents already have the mortgage with.

Thanks again

GMS

lisaathers wrote: »

thats great thanks for the reassurance, it would probably make sense then to speak to the people that his parents already have the mortgage with.

Thanks again

In what way would it make sense? Just because they granted a mortgage to the parents on the property does not mean they will do the same for you.

Thrugelmir

lisaathers wrote: »

I did get a ccj yes, it was only for 1400 and was paid off around 3 years ago. I am currently paying off an old credit card but only have a bit left and will have finished paying that off in july this year.

Some financial institutions may take a diametrically different view of your only £1400 CCJ.

When you say old credit card did you default on the debt, and are now paying under an installment plan?

lisaathers

Sorry, it would make sense as it is with a building society and it is through someone we know, as Dave suggested.

Yes I appreciate that despite how much it was it is still a CCJ and is serious hense why I am on here asking the question, so I am prepared a little more before I go into a full research of where to go, what to do and who to speak to. The credit card is being paid off in installments, I didnt default on it, I have always paid on time, however, after my mother passed away whilst at uni, I made some errors in judgement and ran up some debt, I was paying this off however after being made redundant from my job after uni, I knew I would struggle, so I rang the bank and explained my situation and they froze my credit card and allowed me to pay it off in installments, which I have on time each month and pay the last one in July.

Thrugelmir

lisaathers wrote: »

which I have on time each month and pay the last one in July.

Little benefit to you now. I would have suggested paying this off before saving for a deposit. As will leave a mark on your credit record for some time.