First time buyer - I have excellent credit, partner does not

KittyCash

Hi everyone,

I wondered if someone could help? My partner and I are hoping to buy a property within the next year. Ideally we would like to find (hmm) a 95% mortgage but failing that we may be able to take advantage of the new Lloyds Kick Start mortgage (parent puts 10% in savings account with Lloyds, we front up 5%).

I have an excellent credit rating. I've had lots of well-managed debt over the past 15 years and never, ever missed a payment etc. My credit file from Experian is clean, has no issues etc. However, my partner is a different story. He has struggled with debt in the past 10 years, has missed loan payments, and has a default from a mobile phone company from 4 years ago. Ideally, we would like a joint mortgage so that the lender would take both our salaries into consideration. My question is this - would be be refused a mortgage due to one of the applicants having a poor credit history? Even if mine is spotless?

Thanks so much for reading.

K.

Dave_Ham

Sorry, but it will almost certainly be an issue.

Whilst as a broker I am not mega familiar with the Lloyds proposition, I think it will be a killer.

Good luck

KittyCash

Thanks for your honesty Dave.

So I assume this will probably be an issue with every lender then?

Dave_Ham

Afraid so.

Unless you can get a 15% deposit naturally, then lenders may well overlook the default.

It is imperative that he starts if not already doing; hitting his payments on time each month as lenders hate recent missed payments..

KittyCash

Again, thanks. Yes, he is now taking his debt management seriously and doing all he can to make sure payments are not missed etc.

Looks like we won't be buying from a while then.

Thanks.