Mortgage application query

firsttimebuyerwales

Hi,

Having now saved a sufficient deposit to purchase a home, I have arranged to see a mortgage advisor next week.

Unfortunately, my fianc!e has a negative credit score which means I will be applying for the mortgage by myself (which I appreciate will mean a smaller mortgage due to only my wage being considered).

Is it appropriate to advise the mortgage advisor that I will be having assistance with bills? I understand the mortgage advisor needs to ensure that I can afford the property alone, however is there anyway of using my partners income (which is currently greater than my own) to strengthen my application?

Thanks :j

kingstreet

No. Your partner's income will not feature in any way.

What's this "negative credit score" you're talking about? Is there adverse? What's visible on all three versions of her credit file?

firsttimebuyerwales

My fiancee has two adverse notes on her credit file. The first is a default from 2009 (which was paid in full in 2010). The second are 4 late payments of a credit card in 2012.

Tjrw1985

And your partner will be classed as a dependent affecting the amount you will be able to borrow.

kingstreet

Date of registration of the default? (MM/YY)

Amount?

Date of registration? (MM/YY)

Are the late payments continuous, 4321, or singles late paid regularly, 01000100001001 etc?

It is important you know which versions of her credit file these appear on - Experian, Equifax, Call Credit - all of them, just one, or two?

The quality of the information you can provide will determine how good a chance your broker has of finding you;-

- a deal
- the best deal.

firsttimebuyerwales

Tjrw1985 wrote: »

And your partner will be classed as a dependent affecting the amount you will be able to borrow.

Is this true? ^^^

The late payments are continuous 1234 on Equifax report. Currently awaiting a report from Experian.

Thanks

kingstreet

You can get all three at once via;-

https://www.checkmyfile.com

Remember to cancel the subscription though, so you don't pay for it.

If the things don't show on one of them, you may be able to use a lender which uses only that CRA.

firsttimebuyerwales

OK thanks. I will check that out.

In conclusion, if I go ahead and apply for a mortgage by myself I am better off not mentioning my partner as it will not have any influence whatsoever, be it positive or negative?

kingstreet

If she is not party to the mortgage, you should simply declare her as an occupier and have her complete a consent to mortgage form which will be dealt with by your solicitor.

I would try to get her included, if you can. If she is contributing to the deposit, you'll have serious problems with most lenders who will not like someone being an occupant, contributing to the deposit who will not be party to the mortgage and the ownership.

Wh05apk

What loan to value are after, at 90% you won't stand a chance with your partner, at 70% you may?