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Joint Mortgage With Bad Credit
Nicolette83
Posts: 5 Forumite
Hi,
I'm looking for some advice. Me and my partner are looking at buying a home. He has a deposit of £20k, earns £26k a year and has an excellent credit rating with no debt. I earn £28k and have a settled default with a value of £1300 from Sept 2008. I also have a car loan which finishes in February 2016, paying £305 per month. I have £3k in savings but we would be looking to use this to partly furnish a home. We would be looking at properties around £150k but I need to know if there is a realistic possibility of us being approved for a joint mortgage or if my boyfriend would be better off applying alone!!
Any help would be gratefully received!!
Thanks!
I'm looking for some advice. Me and my partner are looking at buying a home. He has a deposit of £20k, earns £26k a year and has an excellent credit rating with no debt. I earn £28k and have a settled default with a value of £1300 from Sept 2008. I also have a car loan which finishes in February 2016, paying £305 per month. I have £3k in savings but we would be looking to use this to partly furnish a home. We would be looking at properties around £150k but I need to know if there is a realistic possibility of us being approved for a joint mortgage or if my boyfriend would be better off applying alone!!
Any help would be gratefully received!!
Thanks!
0
Comments
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If you can up your deposit to 15% then it should be achievable. It may be achievable with your deposit as it stands but if you can up it then it would increase your chances.
Probably worth taking your credit reports to a broker though.I am a Mortgage AdviserYou 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.0 -
Thanks for the advice!! I'll see what my local
Mortgage broker says!0 -
Get all three versions.
The default may not be visible on all three, then your broker has the advantage of lenders who only use the one which appears better than the others...I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
OP if you put your £3000 with your BF's £20000, you will have 15% on £150000. You just need to save a little more to cover fees etc.If you can up your deposit to 15% then it should be achievable. It may be achievable with your deposit as it stands but if you can up it then it would increase your chances.
Probably worth taking your credit reports to a broker though.You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0
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