Joint 50% Mortgage - very poor credit

G9G

I have been stupid with money in the past and got myself in quite a bit of debt when I was younger, I have just finished paying it all off but my credit score is now VERY poor.

Me and the girlfriend were looking to buy a house in a years time, I earn around 6500 a month tax free (Work abroad 3/4 of the year) and by the time we come to buy I will have 100,000 deposit and she will have 50,000 she makes from the sale of her flat, the house we want to buy is around 300,000.

My question is will a bank give me a joint 50% mortgage with her knowing my very poor rating? if so I presume the APR would be ridiculously high? She has a good credit rating.

sammyjammy

When you say poor what do you mean? Defaults and CCJs? How old are they and how much for?

chanz4

how are you going to prove your income, if tax free it will raise ML concerns

ACG

This should be doable but your income abroad may not be accepted.
Does your partner earn anything and pay uk tax?

Also what do you mean by bad? Can you clarify ccjs/defaults/late payments - dates and amounts.

G9G

I have a signed contract with the company I work for showing my monthly salary and can show statements of this amount going into my account every month - will this be enough to prove it?
My partner works in the UK and pays UK tax.

I have no CCj's listed but the defaulted amounts were 2 unpaid loans from 2009 (buried my head in the sand for a few yrs) totalling around 7,000 that I just paid off in one now. Still waiting for them to be shown as settled on my report but my score is 201!

ACG

Forget the score, its worthless. Lenders have their own scoring system.

I genuinely think this is one for an experienced broker (not an estate agent based broker). This should be possible and there are probably one or 2 ways to do it but not all lenders are going to accept this as a straight forward application.

G9G

Ok thanks for info. Will get onto a broker when the time comes next year and hopefully they can work something out for us.

Charliebird

Hi

Get a decent broker. There are some lenders out there who will consider a mortgage with reasonable rates as long as the defaults are over 2 yrs old. But they are not accessible through high street lending.