Joint mortgage - Poor credit rating.

UnitedAllTheWay.

Hi all,

I currently live with my partner and she has a mortgage on her property. I am paying her rent to live in the property with her. We are hoping to get a joint mortgage together as her current agreement was only for 3 years. She originally put down a lump sum of about 40% of the property value 3 years ago and has had a mortgage on the rest.

The problem is I have a poor credit history due to late payments etc, which I regret now. Does anyone know if I will be able to get a joint mortgage with my partner for the rest of the money or would she be better off reapplying herself without me?

I am in full time employment.

ACG

It depends on how many late payments and when they were.
It also depends on whether there are any CCJs or Defaults and how much they were for and when they were dated.

In the main with 40% equity there will be options available, but the rate may not be as good as a couple with great credit scores.

UnitedAllTheWay.

Thanks ACG,

There have been quite a few late payments over the last few years. There were also defaults, however, these were back in 2005.

Any more advice would be greatly appreciated.

I know we need to go and seek advice but was hoping to find out if I have any options at all!

UnitedAllTheWay.

p.s. the late payments were for mainly one credit card debt! The debt has just been cleared.

ACG

I would be pretty confident based on what you have said of placing this.

Because of the age, a high street lender might not be out of the question but i do think getting your credits reports (equifax, experian and call credit) is going to be your best port of call.

UnitedAllTheWay.

Thanks again ACG, really appreciate your advice. I am currently waiting on my experian report and will sign up with the other two today as I am determined to sort this!

When you say 'pretty confident in placing this' does this mean that there is a chance of a high street lender accepting a joint application?

Also, I do not want to affect my partners credit if refused or if she is tied in with me. Do most high street lenders let you apply and if rejected this will not affect credit report (sorry cannot remember official phrase for this!)?

ACG

I mean i would think you have a chance of getting a deal with one or 2 high street lenders. Im not sure they would all accept you but some may. Dont hold me to that as without seeing your reports in full its difficult to say but i certainly think you can get a mortgage - even if high street lenders wouldnt accept you... and that doesnt always mean sky high rates.

Financial Association? Once you make a joint application you will be financially linked (this goes for a mortgage, bank account or just sky tv) - you may already be financially linked - check your credit reports.

However if you make a joint application and it gets declined, you can ask for the association to be removed as technically you have no financial links as the mortgage never proceeded - this can take a couple of weeks to update though, so in theory could delay the process.