Help first time buyer in default misery!

Life123

Evening all

I have been paying debt off for 5 plus years now after making some wrong decisions when I was younger (I'm now 28). I now have an excellent credit rating but am aware this doesn't account for much.

I have recently applied for a mortgage with my partner who has a clean credit rating and were told that I couldn't be on the joint application however that my partner could get a mortgage only his name. A friend mentioned that my partner could go ahead and get the mortgage and I could get a trust deed to say that I am paying towards the mortgage so that it protects my interests. Can anyone tell me more or if this is correct ?

Much appreciated!

Thrugelmir

Your friend appears to have misunderstood what a deed of trust does. Needless to say in summary, it's not possible for you to have a financial interest in the property. If you occupy the property you will in fact have to waive your rights. This is to protect the lenders financial interest in the property.

If you provide some background to your credit issues and where you are today. One of the resident brokers on the forum may be able to point in the right direction.

Dave_Ham

It will afford you some protection, although not absolute.

Furthermore the presence of it could complicate the mortgage process.

With your issues 5 years ago and therefore historic in the scheme of things, you need to sanity check if your broker is doing the right thing for you or the easiest for them.

Get your Experian, Equifax and Call Credit files to a broker and get a 2nd opinion.

Either that, or post what information is on the files specifically default/CCJ values and dates combined with your desired purchase price and deposit value.

If you are trying for a 5% or maybe 10% deposit product then much more unlikely in joint names.

All the best