Joint Mortgage Application query

vindaloot

I seriously need help getting a mortgage ASAP. We've had an offer of 104k on a house approved. I have got enough for a 15% deposit an I have an income of 46k per year.

I already have a mortgage of 106k outstanding and am paying £650 p/m since July 2006 and I've never missed a mortgage payment. This mortgage is on me and my sisters name as bk in 2005 I didn't have enough income to get it on my name.

My situation now has changed quite a bit as my credit rating has taken a big hit (my credit score is 483) mainly due to defaulting on a loan and 2 credit cards , most recently being Jan. I am paying something back on each of them but the banks have sold on the credit to agencies so my payment plan is with them.

My wife's credit score is 743 and I want to apply for a joint mortgage, but she has no job therefore no taxable income. She only has about 180 going into her account as child benefit payments. She does do cash in hand so other income could count.

So what would the likelihood of us being approved for a mortgage be?

Thanks

Thrugelmir

You need to address the payment plan first and clear the debts.

GMS

Cash in hand income will not count for any lender. Recent defaults will throw it out.

No chance of a mortgage. You have 3 defaults with the most recent in January.