Applying For Mortgage

Matchball

Hi All,

I live in Northern Ireland, Me and my girlfriend have applied for co-ownership and have been accepted for the scheme for us to own 60% of the house and co-ownership to own the other 40%.

Now we are at the point of applying for the mortgage, and I'm worried about my gf's credit score (it is 593 with experian), she does not have any history at all and isn't on the electoral role either, on the other hand mine is really good (824 with experian). I have had a credit card, phone contract and a personal loan out with no missed payments.

The mortgage we are going with is with Ulsterbank, (£58,200) and together me and my other half can afford this monthly no problem.

However I am worried about her credit score, do you think it will go against us when applying for our mortgage?

Thanks for any help

kingstreet

Ulster Bank is part of NatWest (RBS Group) which (IIRC) only uses Equifax. What is that version of her credit file like?

Matchball

I haven't checked her file with them, only checked through experian at the minute, would they be similar?

Seanita

I can't really help with your question as such but what I can say is I to have just been accepted last week for co-ownership in NI on a 60/40 split. At the interview when he verbally told me it would go through I asked do people often get refused on the mortgage when they apply for it. The gentleman who was interviewing me said if you get accepted on Co -ownership there will be no issues with the mortgage as they scrutinise you harder than the mortgage people due to them using got funds so hopefully everything will be fine for you both. Good luck with the rest of the process - we are all nearly there hopefully!!!!

kingstreet

The three versions of an individual's credit file can be, and often are, different.

Matchball

Thanks very much Seanita, that helps put to rest the fears that I had over whether or not we would be accepted for the mortgage, and thanks for your answers kingstreet, much appreciated.

Our mortgage application is in, so hopefully we will find out next week at some point whether or not we will be successful and will let you all know

alisara

So glad to see this thread. I just got accepted onto the co-ownership scheme today and my broker is using Nationwide i am delighted to be accepted but now worried regarding the mortgage application. I am going with Nationwide and my score with Experian is good, but Equifax is poor!

Glad to hear Seanita's reply though, thanks Seanita.

kingstreet

Nationwide uses Experian only.

alisara

Thanks Kingstreet! thats made my day, I have a good record with Experian.

Seanita

Hope all the applications go well for us!!! I attended Financial Advisor yesterday and we got the Ulster Bank application completed for submission on Monday so fingers crossed

alisara

Fingers crossed Seanita, hope all goes well!