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Joint Mortgage

Kua
Kua Posts: 303 Forumite
Part of the Furniture Combo Breaker
in House buying, renting & selling
I mentioned in another thread that I have an issue with a small defaulted account which is preventing me from being considered by most mortgage lenders (at least according to London and County's advice). If I were to pursue a joint mortgage with my parents, would their credit history overide mine, or would I still be in the same predicament?

Also with joint mortgages, is it completely up to us who has what share (and what liability for repayments) in the property? At some stage can I buy them off?

Thanks!

Comments

  • ACG
    ACG Posts: 24,911 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You would still have to pass the credit check.

    With regards to the payments - everyone on the mortgage is jointly and separately liable for all of it... basically if one person doesnt pay their share the other person has to pay all of it.

    How much is the purchase price?
    How much si the deposit?
    How much is the default?
    When was it put on your file?
    Has it been satisfied?
    - if so when?

    Its rare that you cant get round a 1 off default, but if it was last month for £1000 and you looking at a 90% mortgage then it is going to be difficult.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Kua
    Kua Posts: 303 Forumite
    Part of the Furniture Combo Breaker
    How much is the purchase price? ~85k
    How much si the deposit? ~8.5k
    How much is the default? £24
    When was it put on your file? May
    Has it been satisfied? Yes
    - if so when? July
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Kua wrote: »
    How much is the purchase price? ~85k
    How much si the deposit? ~8.5k
    How much is the default? £24
    When was it put on your file? May
    Has it been satisfied? Yes
    - if so when? July
    £24...is that all. I wouldn't worry about it. It'll go to the underwriter for approval but any decent underwriter will see that it was settled quickly. What is it? A mobile account by any chance? They usually will ignore them as a dispute.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Kua
    Kua Posts: 303 Forumite
    Part of the Furniture Combo Breaker
    HappyMJ wrote: »
    £24...is that all. I wouldn't worry about it. It'll go to the underwriter for approval but any decent underwriter will see that it was settled quickly. What is it? A mobile account by any chance? They usually will ignore them as a dispute.

    Yes an Orange contract, exactly. If that's true, I wonder why London and County were so doom and gloom about it. Kinda suggests they're keen for me to go with this one particular mortgage provider!
  • ACG
    ACG Posts: 24,911 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Not every lender will accept it. Some will be a bit silly but in the main as HappyMJ says you will be fine. A lot of lenders ignore defaults under £xx anyway.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Kua
    Kua Posts: 303 Forumite
    Part of the Furniture Combo Breaker
    If I took out a joint mortgage how would I go about buying my parents share in the future?
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