Joint mortgage app - one partner with credit problem

danblade111

Hi.

Along with my partner I've had an offer accepted on a house and we are now going through the mortgage application process. Unfortunately I've got a default for £594 (settled and due to drop off at the end of September) which is still on my credit file and a few late payments which are over two years old. We're going through the process with London and Country mortgage broker but were turned down on an app to Coventry Building Society. We have a 10% deposit and would be looking to borrow around 65k. Is there any chance of us getting a joint mortgage or are we better just taking a sole one in my partners name (affordability shouldn't be a problem) as she has a clean credit history?

CluelessFTB_2

I have had to apply on my own due to my partners credit history - one default. What does your broker advise? I would have thought with a 10% deposit you may be better to apply for a sole mortgage and then get added on in a couple of years.

peytonx

CluelessFTB wrote: »

I have had to apply on my own due to my partners credit history - one default. What does your broker advise? I would have thought with a 10% deposit you may be better to apply for a sole mortgage and then get added on in a couple of years.

I have had to do the same due to my hubby's previous bad credit. We have gone for a 5 years fixed deal so our intention is to add him at the end of the 5 years as his debt will have dropped of the credit reports by then.

danblade111

Are banks generally ok with lending to a sole applicant when a partner is also going to be living in the house?

peytonx

danblade111 wrote: »

Are banks generally ok with lending to a sole applicant when a partner is also going to be living in the house?

I had previously read on here that some lenders may not like it and may ask why a joint application had not been made, however I have applied to NatWest and had the valuation done and they still have not asked anything about it. I am married tooso thought they would definatley ask.
My broker said it would not be a problem and another member in another thread said they too did a single app. and the mortgage company never asked, so it may all depend on the lender.

But just one thing, the deposit will have to come from yourself only and

You should see a independent broker asap. Not only will they find you a lender, but mine has also been great at filling in any blanks and there are many as I am a FTB.

But just one thing, the deposit will have to come from your partner's account only and you will have to sign legal documents saying you have no legal claim to the property or something to that effect.