Mortgage Joint or Single! Help!

golfcrazyjack

Hi,

My partner and I are first time buyers and my appointment with Clydesdale Bank and their Mortgage Advisor is on Tuesday 13th. We are going for the 95% LTV option but I am having sleepless nights over my credit score.

My credit score is "Fair 836" with Experian and since finding this out (3 weeks ago) I have settled my only Default but will take up to 30 days to show as satisfied. This was for an old mobile phone contract which I forgot to pay the last bill issued by them!

My partner is out of work @ present so I decided that it would be best to do a sole mortgage application on this basis. I have already calculated my income to be sufficient for the mortgage.

My partners credit score is "Excellent" however she has no income to assist with the mortgage.

Would it be worth undertaking a Joint application purely for the lender to see my partners credit, with the hope that they will use both scores together?

Thanks.
Jack.

ACG

Forget the score its worthless.

At 95% you need to be whiter than white.
When was this default dated and satisfied? How much was it for?

golfcrazyjack

Thanks for your reply.

It was dated in 2009 and for £200. Never had any real reason to check my scoring until a fortnight ago, then I paid it immediately.

The advisor told me this week that he didnt have an issue with there being a default if it was only a mobile phone contract.

ACG

He knows the criteria better than i do, but bare in mind bank advisors have sales targets to hit so him putting an application in on a whim is nothing to him. If it goes through, bonus! If it doesnt then hes spent an hour or 2 with you.

I have just taken this off their site:

County court judgements or defaults

We will normally decline any application where an adverse credit history exists. Please contact us in the first instance for further guidance.

http://www.clydesdalebankintermediaries.co.uk/criteria/new-lending-criteria/residential-lending-criteria

CCJs/Defaults are looked at in the same way usually.

Some lenders do ignore them under certain figures and some ignore them off certain types of companies (mobile and utility bills are the most common to be ignored) but it doesnt state that on their site and you are looking for a 95% mortgage where the criteria is very hard to meet.

That being said, you have nothing to lose im assuming? I wish you the best with it but i wouldnt be holding my breath i dont think.

golfcrazyjack

Thats exactly what i'm not doing at the moment. I am expecting them to decline me.

Thanks for your help with that, guess I am just hoping for the right person on the day.

So you dont think it would be worth submitting a joint application ACG?

ACG

Take a look at this post - coincidental that its near the top....
https://forums.moneysavingexpert.com/discussion/4735917

Not exactly the same situation but the outcome could be the same if you do a sole application.

Your lender will look at the deposit, where its coming from etc etc. If you have joint accounts and the deposit is coming from that be prepared to get questioned on it.

jamesml

Surely their advisor will be best placed to answer - I would ask their opinion personally.

themull1

I would go with a broker not a mortgage advisor, thats what we were told to do, my credits excellent, partners isn't, we couldnt get a mortgage.