Sort of Vendor Deposits but not really

DominicJ_2

Thought occurs.
Girlfriend has somewhat, horrific, credit history.
Relating to two credit cards her mother, "borrowed", and maxed out, and paid late, consistantly.
They are now under limit, and being paid off on time (and balance transfered to 0%), and could in fact be paid off in full now. I just figured it would be better to show consistant payments on her file, rather than one lump sum.


I'm assuming 12/18 months of good behaviour on her credit report wont erase the large amounts of bad that preceeded it.

Would putting her on the mortgage make it worse, technicaly it shouldnt because joint and several liability, but I can see that it could?

I'm assuming they cant "gift" to a none familiy member, ie me?

I realise defaults stay around for six years, is there a semi standard rate at which they become less important?

holly_hobby

Her adverse will affect your app - and you would be looking at 3 yrs I'd say for this to start to be considered "past" issues.

However, especially for a credit scoring lender, if you have an excellent credit record and the LTV is lowish, you may find that even with her adverse, your score is still healthy enough to pass the lenders status requirements.

Re the discounted purchase price element - not necessarily only a family purchase - as I say this is technically an arrangement seen under Right To Buy purchases too. The main priviso for accepting lenders (if GF is not to be party) will be that the "discounted" element - is made so without any reservation of the Donor. (vendor).

Time to spend an hour with a broker to discuss suitable options to your current circs.

Hope this helps

Holly