Mortgage with bad credit?

FiestaML03

Hi,
I took out a secured loan with Black Horse and in order to be able to get it, my partner agreed to sign as a co-lender. I kept the money to pay off debts and made repayments for a while. However, I was unable to keep these up and have defaulted for a number of years. The debt has now gone to another firm to collect.
I have also just approached Payplan for a Debt Management Plan and am waiting to hear what the arrangements are - I know the secured loan takes priority.
The thing is, my Mum has recently passed away and has left her property equally to my sister and I. She does not want it. We reckon it should go for around 150,000-200,000k, therefore in order to buy her out I would need 75,000-100,000k. With my credit history I would not be able to get a loan. It has been suggested that my partner gets the loan to pay my sister her share. However, my partner does not seem aware that I have ruined his credit score with the Black Horse loan and I'm scared to tell him yet. Apart from that, his credit history is exemplary.
Does anyone know if there are any mortgage companies that will give him a loan? He is working with a good salary to be able to make the repayments (I've looked up the information) and he does have savings.
He is very keen to do this for me (I know the ins and outs of the legalities involved) and I feel worse about his credit than not getting the property as I could sell that and pay off my current mortgage and debts. it seems such a shame though as my property is old and not worth much and Mums property is brilliant and a steal at half price.
Any ideas anyone?
Thanks.

matttye

Talk to your partner. If he's thinking about taking out a mortgage, he will surely check his credit files before applying and find out anyway?

FiestaML03

Thanks Mattye,

I was hoping to find out whether he would get a mortgage before applying for one because if he couldn't I would just tell him I was selling Mums house and not let him find out. Very bad I know but I haven't got the nerve to let him know yet.

matttye

FiestaML03 wrote: »

Thanks Mattye,

I was hoping to find out whether he would get a mortgage before applying for one because if he couldn't I would just tell him I was selling Mums house and not let him find out. Very bad I know but I haven't got the nerve to let him know yet.

He'll get a sub-prime mortgage but the rate is not going to be good.

Plus if the mortgage advisor wants to discuss the default or mentions it and your partner knows nothing about it, it might be embarrassing for him.

DCFC79

Yes I got an idea or 2

1 Let him know whats happened, what if he decides to change the car and needs to take out a loan to do so and be declined.

2. Make sure you keep up with any future repayments.

Thrugelmir

Source of the deposit will be a major issue, i.e. a no no.

Tell him this, and suggest that you use the money from the sale of the property to pay off existing debts instead.