Is there a mortgage for us? Husbands Nan has offered to be a guarantor

McKayz

We need to move to a bigger house. We have 3 children and live in a 2 bedroom house.

Unfortunatly my husband has bad credit from when he changed jobs and went 6 weeks between being paid and his first pay wasn't as much as he usually gets. So a few payments were missed. We made sure the mortgage was paid, loan and credit cards too.

But a few other things had been missed and even though we are now catching it up it still has an adverse affect.

My credit rating isn't great due to a few problems when my ex left. So I won't be on the mortgage and I am a stay at home mum so no income.

We applied for a mortgage in the summer as we had been told that it probably would be ok as we hadn't missed mortgage payments. But that wasn't the case.

Husband's Nan has said that she will act as a guarantor as she has the money in the bank but she is 81. Most guarantor mortgages we've looked at require the guarantor to be employed.

Also most seem to say about the guarantor providing the deposit, which we don't need as we'd get that from selling this house.

So is there a mortgage out there for us?

Thanks

Senior_Paper_Monitor

Guarantor mortgage doesn't overcome bad credit.

kingstreet

Purchase price?

Deposit?

Mortgage amount?

His basic gross annual salary?

Any overtime, bonus etc? £

What exactly is visible on all three versions of his credit file? Yours?

Is the current property/mortgage in joint names? Do you have other financial associations, such as joint bank accounts?

maninthestreet

an 81 year old as a mortage guarantor?? What happens if she dies soon after the mortgae is taken ouit?

McKayz

I'm not sure what the purchase price would be. Most 3 beds are about £145000. Our house was valued at £130000 2 years ago and the mortgage is currently about £104000. So we'd hopefully have at least £20000 deposit.

His basic salary is £42000 and usually gets a bonus of £1200.

We have nothing together as he was told buy the bank that my credit rating would make his worse.

I don't know what is on his credit report.

kingstreet

Obtain all three versions of his credit file (yours wouldn't be a bad idea too) and put them in front of a whole market broker.

Equifax

https://www.econsumer.equifax.co.uk/consumer/uk/order.ehtml?prod_cd=UKSCR

Experian

http://www.experian.co.uk/consumer/statutory-report.html#orderReport

CallCredit

https://www.callcredit.co.uk/stat-report-online/index.php?action=basket_add&tpl=setRegister&package=63&amount=1&mode=clear

McKayz

Thanks, we will give it a try.

Why all 3 though? Do they not all say the same thing?

[Deleted User]

McKayz wrote: »

Why all 3 though? Do they not all say the same thing?

No. Not all lenders report to, or search, all 3.

kingstreet

A lender may supply information to, or take information from, only one CRA, so something visible on one version may not be visible on the others.

This can create an opportunity where one credit file is better than the others and there's a lender which uses only that CRA.

You do, of course, have to declare your entire credit history. Even though the lender may not be able to see something, you still need to disclose it. This is not a method of conducting mortgage fraud.

McKayz

Ah right. Thanks very much.