Bad credit score - mortgage help pls

nailmania

My partner and I have both sold our houses (just going through now) with our ex partners and we are looking to get our first mortgage togerther.

We have made an offer of 120k on a house.

After checking my partners credit score it has come back as very poor.
He currently has a loan which he has always paid on time. However, last year he asked the bank to lower his payments for twelve months as he was struggling a little. This was agreed with the bank yet they have marked the payments as "late" on his credit rating, therefore, his credit rating looks terrible.

We have aprox. 50k deposit to put down on this house so we would only want to borrow 70k. and the repayments would be cheaper than paying rent.
We cannot get a mortgage on my wages as i worked for an agency and i am currently on maternity leave .

Any advice please?
We really like this house and wouldnt want to lose it.

Thanks

Dave_Ham

Get his Experian, Equifax and Call Credit reports to a broker and let the sort this.

On this loan to value there should be a solution, although you will need to move quickly..

All the best

nailmania

Thanks Dave, We have his experian report and we have spoken to a financial advisor but he doesn't seem hopeful?
Is it correct that a bank coiuld do this when the lower payments were arranged between the both of them?
Thanks

Thrugelmir

nailmania wrote: »

He currently has a loan which he has always paid on time. However, last year he asked the bank to lower his payments for twelve months as he was struggling a little. This was agreed with the bank yet they have marked the payments as "late" on his credit rating, therefore, his credit rating looks terrible.

The whole purpose of a credit report is to provide useful information to other businesses, not provide consumers with a score.

Failure to meet payments on a contractual agreement will result in a negative entry of differing severity against an individual.

Dave_Ham

They certainly can do this, in fact they are duty bound to.

It should not stop you getting a mortgage on fair rates though, although you may need a specialist or at least experienced broker..

Experian_company_representative

That's right. Although any agreed arrangement should be marked on the report, the monthly status codes should reflect the original payment schedule, so the account would have fallen into arrears. If these can now be caught up that would probably be a big help.

James Jones