Help - Young Noobie!

Tootz_2

Hi all,

Im really after some advice as my partner and I are feeling a bit overwhelmed with...well, being adults really!

I am 23 and my boyfriend is 25. We are trying to save up to buy our first home but with only a few grand saved up so far we're really struggling. The main thing that is worrying me though is our credit rating - more so his rating than mine. He defaulted on a loan when he was about 20 and entered into an IVA. With help from his family, he managed to get this settled about 18 months ago. He's had finance on things before and never once defaulted, his mobile phone bill is always paid on time - it's just this big IVA hanging over him. My credit rating isnt perfect either (defaulted a couple of times on a credit card when i was a bit younger :wall:) but I will be completely debt free next summer.

My questions are - when we are ready to actually get a mortgage which probably wont be for at least another 2-3 years, will my boyfriends settled IVA be a problem for us?

And, if it's only myself that is able to get a mortgage, can both our incomes be taken into account? Or will it just be mine?

Any info will be help!! Thanks.

kingstreet

It will depend on what's on your credit files and visible to a lender at that time. It's pretty difficult to say what may or may not be possible two or three years ahead.

The usual advice here would be to get copies of your three statutory credit files from the three CRAs and take them along to a broker.

The level of your deposit and attaching loan to value will also be a factor. In today's climate, a 90% mortgage is difficult enough to get, without adding credit problems into the mix. A lower loan to value, and/or the adverse dropping off your credit file, after the usual six years, would both be helpful.