Moving in with the Boyfriend,Joint Mortgage?, One Income?, Bad Debt?, Property Deeds?

studentnurse12

Dear All Money Fans I need some serious advice please!!!

Ok so you firstly know about my circumstances in brief here goes:

1. Have a Credit Rating of FAIR (not poor, or very poor)
2. Have a around £17,000 personal, some of which is paid by agreement every month.
3. Iam 26 years old Student Nurse working part time not guaranteed income as such.

Iam planing on moving in with my partner who will carry his mortgage over to the new property with a deficit of £10,000 to which his family will place a charge on that and help in out.

They are encourgaing my name to be on the mortgage, now rather than later - as my plan would be to not disclose to his family my past problems and stay almost as a guest "with a living agreement or possible common tenancy"?? Then once Iam working ful time in2/3 years to then have knocked some of my debt off and then go on the mortgage?

I was in the belief that you can only be on a mortgage if you earn a wage, but I now feel that you can have your name on a mortgage as the second applicant even if you do not earn a wage, is this true?????? The family believe that even my name on the mortagge my make a difference to the deficit??

I bank with Alliance and Lecister and have a very good account with them and this is the bank to which my partners mortgage is with, so would this go in my favour??

Iam worried that the mortgage if applied in joint names would come back declined due to my personal debt?? This would just be a nightmare!!

My fella knows of my problems and he wants to protect me also, is there a way that I can still be on the property deeds without the joint mortgage?

I really feel in a total muddle, I do not wish my past to come and bite me in the !!!!, it has taken me a long time to get ahpy and sort my life out!! But ofcourse I need to protect myself to a certain degree, as if things go wrong I do not want to be out on the street! But the other way of looking at it I will not be financially contributing much at first and my fella has had a smaller home and mortgage for years and would it be fair on him if i was to be too involved initailly!??

Please please throw as much advice to me as possible, as I have a meeting to go to re this friday evening! I want go get on with my life, my relationship is perfect my past debt is the problem and the protection of myself !!

please email asap. thanks Studnet nurse12.

immoral_angeluk

I think you can be named on the deeds but not neccesarily have the mortgage in your name.. not sure though.
Someone more knowledgable will be along soon.

studentnurse12

Thanks for the reply, I also wish to know how EASy is it to get a mortgage with bad credit, when you bank with the company?? I had a mortgage in the past for 5 years and never had any problems with repyaments on that atall, will this go in my favour!?

immoral_angeluk

I think it is slightly easier if you go with the same company but they'll still do credit checks etc and use all sorts to decide..

CLAPTON

Get copies of your credit records from all three agencies.
what do they show? any defaults or ccj?

You do not need an income to be on a joint mortgage... lots of couples with children (or otherwise ) are in exactly this situation.

In general, you need to on the mortgage if you want to be on the deeds.

Go to a independent mortgage advisor and find out what can be done.

The size of your debts will influence how much the creditors will lend on the mortgage, but it depends upon your partner income and the equity in the house.

studentnurse12

They will already lend him nearly the full value of the property it is just the decficit of £10,000. I have had a mortgage in the past, but sold my house due to divorce breakdown. I have no CCjs, and a few defualts or late payments, my credit was at one point very poor but now it has jumped through poor to fair. So even though Iam not earning they will still credit check me of course, do you know how long it takes once you have applied online for a mortage to which stage they check the credit files etc, to when it would be agreed? May be worth just trying to apply? I actually bank with my partners mortgage company and have kept sound bank acconts with them, will this go in my favour???

Burlesque_Babe

Are they defaults on your credit report, or just classed as missed payments as it could make a difference.

If you apply online, they will check pretty quickly, it depends on the company.

Having a good record with your partner's bank will help but they will look at your overall credit report to make a decision.

studentnurse12

There is not ccjs or defaults on my credit report just viewed online, just 1 missed payment on an active account it shows some missed payments on 3 other past accounts but they are settled. Looks a little better than I though but still not perfect. So the answer is i have no ccjs or defaults.

studentnurse12

do you think that this will go in my favour then?? Oh just a thought I went to do my phone banking which i do daily sometimnes twice (iam good with money now you no!!) and alliance and lecister (same as mortgage company) said that they have an APPROVED loan for me what does that mean?? I do not want the loan but does approved literally mean they already see me as a potential non risk payer and have checked???