Joint Mortgage - 1 partner has bad credit

scrooge100

Hello all, wonder if anyone can help

Myself and my girlfriend are looking to go into a joint mortgage together. Only problem is that while she has an excellent credit rating/history, mine is not so good, i have 4 defaults in total which i am currently trying to pay off little by little and 2 late payments. The total owed on my credit report is £1161.

I earn 13,600 per year and she earns 14,500 per year, we have 15% deposit and are looking to find a place worth £80,000-100,000. Would it be best to apply jointly for the mortgage or to just apply using her wages and credit history?

Any help would be great

Thanks

Crashandburn

You are obviously aware of the defaults but do you know how much they are and the dates when registered?

At 85%, and depending when the defaults where registered, you are looking more like having to proceed on her income only but you may even struggle with the £80,000 purchase price based on the income stated for your partner.

The amount you owe on your profile won't be the issue but how recent you defaults and late payments will be.

Thrugelmir

scrooge100 wrote: »

i have 4 defaults in total which i am currently trying to pay off little by little and 2 late payments. The total owed on my credit report is £1161.

If you seriously wish to obtain a mortgage then you are going about it totally the wrong way. Use your savings to clear your debts and wipe the slate clean. A lender isn't going to trust you with with thousands of pounds if you appear to be the type of person that takes advantage of a situation to another banks detriment. Will banks
are in competition to lend, they will protect each other when it comes to "bad payers".

Annisele

When you say "we" have a deposit of 15%, do you mean the money belongs jointly to you and your girlfriend? Or is it just yours, or just hers?

If any part of it belongs to you, then I'm as confused as Thrugelmir. Why would you default with one lender while having savings with another?

If it belongs to you, you might also have a problem with your girlfriend taking out a mortgage in her sole name. The lender would want to make sure it could repossess the property if she stopped paying - but the fact you'd contributed to the deposit might give you an interest in the property, and make repossession more difficult. That problem might go away if you signed something to give all the money to your girlfriend, but then all the money would be hers - with obvious implications if you were to split up.

If all the money belongs to your girlfriend, then I think she might have a chance if she bought a property at the lower end of your scale - but she'd still be talking more than 4.5x salary, which would be tight for affordability.

scrooge100

@ Crashandburn - yes i know the dates and the amounts as i have a credit report from noddle every month. They go back to 2010

@Thrugelmir + Annilsele- The money for the deposit is being given to us by her parents so its theoretically all hers. As my credit report is so rubbish the route we want to take is to apply in her name soley as this would be more likely to accept us, however if we do it this way what rights will i have if anything happened between us? Would i be able to get my name somewhere in the documents that protects me? Also if we did it this way she would be paying the mortgage off while i will be paying the bills each month.

ACG

IIf the defaults were registered over 2 years ago, then you should be able to get a mortgage based on what you have said.

Get your reports over to a broker and im sure they will be able to help you get a mortgage.

Thrugelmir

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Said in the nicest possible way. You need to get yourself sorted out then. There's little point taking on the long term committment of house purchase and related ownership issues until the time is right. The gifted deposit should be a major spur to you both to clear your historic issues. Make some sacrifices for a period of time and pay off the debt. Build some savings.