Could we get a mortgage?

froslass

Hi folks,

Looking for some advice as to whether or not there could be any mortgage solutions for my partner.

My partner will be the only name on the mortgage. He has never had a credit card or loan, but according to experian holds 5 credit accounts. No defaults, CCJs. According to experian it's a negative factor that he has no "non mail order credit accounts". There is 1 late payment marked down from 4 months ago and it was his mobile phone. The direct debit was cancelled accidentally via online banking.

We have seen a house costing 60000, and have 15000 deposit so would need a loan for 45000.

He has 2 jobs, and recieves working and child tax credit. Both jobs are solid and have been held for more than 3 years. Annual from the jobs is roughly 10000, tax credits etc roughly 6000 a year.

I'm a student now so I get a loan and bursary but obviously this won't count.

His experian credit score is down as "poor" at 600 because he has no non mail order accounts and 1 late payment. Is it possible he might still get a 75% LTV mortgage?

froslass

Sorry, meant to add, the credit account he holds are for 2 mobiles and virgin media. The other 2 accounts are settled and closed and they were little woods and next.

Dave_Ham

Definitely sounds possible, see your existing bank or a broker.

Potentially you could still be on the mortgage with 0 income declared, although depends upon how income is derived..

Good luck

ACG

Your bursary may also count as income.
But as dave says this should be possible.

Ignore their scores, lenders have their own methods of scoring.

froslass

Thanks guys! Unfortunately I have a default on my credit file from 3 years ago. So probably a no go for me to be on the mortgage. It's a shame because I'm much more sensible now lol and I control all our finances!

What about having two jobs, I was told by a family member this might be an issue? Is this correct?

Dave_Ham

You could go on, but will be with a different lender on a higher rate..

2 jobs are ok with most lenders, although depends upon what they are and how durable this is..

Some may not include 100% of the income, although you should still be ok subject to credit score...

froslass

Thanks.

Feeling optimistic now!