Mortgage question

fake_smile

I have a v poor credit rating. I am currently paying off a lot of debts very slowly but very surely.

IF myself and my partner decided on getting a mortgage..Could she apply for the mortgage then add my name to it at a later date? I'm just worried that my credit rating will prevent us from buying, however I don't want her to just have her name on it and feel she is liable for paying it all on her own. Any way round this?

Mortgage_Mark_2

Take a copy of each of your credit reports to a local mortgage broker and let them do the research for you, they can discuss your credit profiles with each lender to see what you can do.


Generally speaking you can do it the way that you suggest however at the time that you're 'added' onto the mortgage, it gets fully underwritten again so you'll face the same problems as now.


Two observations about this; number 1 is make sure her income is sufficient to obtain the mortgage as if it isn't then this won't work; and secondly you'll have a couple of legal bills to consider as you aren't simply 'added' to the mortgage but you in effect purchase half of the house from her, and therefore a solicitor will need to sort the transfer of equity.


All the best with it.


Mark

fake_smile

Thank you Mark