Sole or Joint Mortgage

BobbyB1000

I was wondering if anyone could offer some advice. Due to me having two default notices on a loan and credit card 3 years ago my credit rating has taken a hit. It is unlikely I will be accepted with my wife for a joint mortgage. Could she apply on her own with a 10% deposit. The property is £165,000 and her earnings about £32,000.

Thanks

amnblog

looks tight on affordability for her alone and some lenders insist you are both on the application.

there may be ways of doing this with the right advice from a mortgage broker (you may have to up the deposit)

tBagpuss_2

She could apply but on her salary I would expect her to be able to borrow about £112K, not £148.

I think it is worth your speaking with an independent mortgage broker to see what your options are. Are you debt free now? If the defaults were 3 years ago but you can show you've had no problems since then AND he two of you have managed to save for a deposit our position might not be as bad as you think., especially if you can save a little longer or go for a slightly cheaper property, so that your LTV is better.

kingstreet

A £32k salary, with no credit commitments and no dependents will give an affordability output of £128k to £160k dependent on term and lender.

BobbyB1000

Thanks for the advice. Still paying back the debts unfortunately about 7k left to pay.

Thrugelmir

BobbyB1000 wrote: »

Thanks for the advice. Still paying back the debts unfortunately about 7k left to pay.

Use your savings to clear the debts.