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Applying for a mortgage with a default, HELP!PLEASE!
Lolly_263
Posts: 1 Newbie
Me and my partner are interested in a new build home that is due for completion at the end of November this year.
What it is I'm wanting advice on are the following:-
1. He came out of the army in April and started his new job (higher salary) in May. Will the fact he has only been in this job 6 weeks stop us having a successful mortgage application?
2. As of July 2012 I myself have a poor credit rating of 714 due to a default account with the outstanding debt of £473. This debt was sold by NatWest to a debt collecting agency which I started to pay and it was then sold on further. The new debt collecting agency hasn't been in touch and the previous will not tell me who it has been sold to - I cannot find this debt anywhere and have sought advice from Money Advice Service and CAB. Will this prevent us from a) getting a joint mortgage b) been accepted to the Help to Buy scheme for new builds.
3. My partner took a loan out 6 years ago for his parents and was paying £600 a month for it until it was paid in April, he has a very good credit score will my score bring his down if we apply for a mortgage jointly?
4. FINALLY, are we better off just applying in his name only?
I'm sorry for all the questions, any responses would be a massive help!
Thank you.
What it is I'm wanting advice on are the following:-
1. He came out of the army in April and started his new job (higher salary) in May. Will the fact he has only been in this job 6 weeks stop us having a successful mortgage application?
2. As of July 2012 I myself have a poor credit rating of 714 due to a default account with the outstanding debt of £473. This debt was sold by NatWest to a debt collecting agency which I started to pay and it was then sold on further. The new debt collecting agency hasn't been in touch and the previous will not tell me who it has been sold to - I cannot find this debt anywhere and have sought advice from Money Advice Service and CAB. Will this prevent us from a) getting a joint mortgage b) been accepted to the Help to Buy scheme for new builds.
3. My partner took a loan out 6 years ago for his parents and was paying £600 a month for it until it was paid in April, he has a very good credit score will my score bring his down if we apply for a mortgage jointly?
4. FINALLY, are we better off just applying in his name only?
I'm sorry for all the questions, any responses would be a massive help!
Thank you.
0
Comments
-
1. Probably not
2. Probably yes
3. Possibly
4. PossiblyI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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
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