Mortgage for poor credit

ravi00ei51

Hi All,

I am planning to buy a home very soon and I have good amount of deposit (25%). Problem here is that I bought a car in feb 2014. I did a lot search for car insurance which had left footprint on my credit file...my credit history had gone from fair to poor because of that.

Now since my credit score is now poor it seems very difficult to get a mortgage. But my wife's credit history is quite good. She has no job. She is a housewife. Now is it possible that I can make a joint application for mortgage (my wife as main applicant), but I pay the mortgage EMIs being a secondary applicant.

So my question is that in given condition if I make a joint application with my wife, is it possible to obtain a mortgage?

To add my job pays pretty well( around 38K/year) and I have no pending loans or any bad history of late or non payments.

Thanks
-Ravi

[Deleted User]

Searches for car insurance don't give you poor credit.

Do you actually have a poor credit history or are you just going by the made up credit score number?

ravi00ei51

My credit score was 769 before Feb and now it is 706 ...The only change I could see in my credit report is lot of searches of car insurance which I did in feb.... I was also under impression that it does not appear in the credit history and I was surprised to see them... Anyway whatever the past my credit score now is 706(experian) and I am looking for a mortgage with my wife who has no job but her credit score is around 900.

Is it possible I can get a mortgage in a joint application?

ACG

Searches for car insurance and home insurance on comparison sites CAN reduce your credit score.

Ignore the score on your credit report, its an indication at best.

Im sure if you have no bad credit and the only negative factor is the amount of searches there will be a lender for this. It could be worth speaking to a broker though?

[Deleted User]

ravi00ei51 wrote: »

My credit score was 769 before Feb and now it is 706 ...The only change I could see in my credit report is lot of searches of car insurance which I did in feb.... I was also under impression that it does not appear in the credit history and I was surprised to see them... Anyway whatever the past my credit score now is 706(experian) and I am looking for a mortgage with my wife who has no job but her credit score is around 900.

Is it possible I can get a mortgage in a joint application?

Have you been rejected for a mortgage, or is this your perception? If you have no outstanding credit, no loans and no negative history there's no reason for you to be considered unmortgageable, certainly not to the point where you need to use someone else to be the primary applicant.

The scores provided to you by Experian etc. are fiction, they do not represent the reality of your attractiveness to lenders, when I was 18 I was unemployed and had no money, I couldn't even get a limit of over £400 on my credit card with the bank I used every day... my Experian score was over 900. This is worth reading: http://www.moneysavingexpert.com/loans/credit-rating-credit-score

If you're concerned you're going to be rejected because your credit history then speak to a mortgage adviser, they'll know exactly what sort of impact your credit history will have.

ravi00ei51

Criticsquid, thanks for your reply....Yes its my perception...I m thinking to talk to banks or mortgage advisers...but I dont want my credit rating to go down further because of any bank doing searches on my file....Anyway talking to a mortgage advisor is a good idea.