Partners Poor Credit History

kingstreet

Do all four defaults show on all three versions of the credit file?

Breakdance

We are not linked financially at all yet. This would be our first financial link hence the cautious approach as I am aware that once linked and with my partners history it will damage my excellent credit history.

Would I get a mortgage on my own for circa £270k then? I thought I would fall short otherwise this would be an ideal approach.

King street - apologies, but can you explain what you mean by all three credit reports. We only have access to Experian.

Thanks guys, appreciated.

kingstreet

Equifax and Call Credit?

Equifax

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

CallCredit

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

Guest101

Breakdance wrote: »

Thanks guys, very much appreciated.

As requested the 4 defaults are as per the below but have now all been paid in full.

Date. Value
1. 31/08/13. £531
2. 01/12/12. £880
3. 04/02/11. £68
4. 31/12/10. £431

Not sure what to do for the best now....... Ideally we would like to purchase the property around Feb/march this year, but from what has been detailed above, I am not 100% sure we will get approved...

Any other good tips? Comments by all are very much appreciated.

The top two are going to hurt you, as recent as 90 days ago u didn't pay 531 pounds, which could easily be the same as a mortgage payment. Not having a go, just highlighting the way a lender may see it.

I have 2 defaults and 3 years until the latest expires. I won't even consider applying until it's gone

ACG

With a 15% deposit you could have been ok assuming the defaults were over 2 years old and at decent enough rates.
You could still potentially get it through now but because of the top 2 the rate would probably be closer to 6% - if it could be placed. Thats assuming the defaults are showing on all 3 credit reports.

If they are not showing on all 3 then it could be possible to place it at normal rates but you would need to check your other reports first.

Breakdance

Only one is showing on Equifax. Unfortunately it's the one dated 1/12/12.

Awaiting system update for Call Credit.......

I would reluctantly live with 6% if this was the only option. What would be the realistic possibility?

ACG

To be honest, its more of a case of whether the lender would accept it.

I have a client at the minute who has a £10k default from 3 months ago. They accepted him because it was a 1 off an their were reasons for it.

Your report is different in that its 1 a year, its not a 1 off - although they are for a lot less. That 6% is a guide on what the rate would be if you were to be accepted, its not me saying you would be accepted.

Once you have all 3 reports, let us know what it shows on each of them. There is still the potential to get normal rates (although slim).

I think you could do with sitting down with a broker though.

Breakdance

Thanks ACG. Will do.

Breakdance

Just looking into what running horse suggested above..... With my salary and bonus per annum (£53k + £4k) entered into the Halifax mortgage calculator, I could potentially get up to £270k which is near to where we need to be. I.e 50k deposit, minus value of house (£330k) = £280k

Would we be better saving an extra £10k plus and then for me to solely apply? That way we should get a better interest rate and it would enable my partners credit to improve.....?

Guest101

Breakdance wrote: »

Just looking into what running horse suggested above..... With my salary and bonus per annum (£53k + £4k) entered into the Halifax mortgage calculator, I could potentially get up to £270k which is near to where we need to be. I.e 50k deposit, minus value of house (£330k) = £280k

Would we be better saving an extra £10k plus and then for me to solely apply? That way we should get a better interest rate and it would enable my partners credit to improve.....?

Have u considered solicitors fees, mortgage set up fees, moving costs, sinking fund, survey?