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secondary applicant with a bad credit score (post-IVA)
Chikita
Posts: 10 Forumite
Hi All,
I am desperate for some advice. We are curerntly in Shared Ownership house, with share mortgage on my name. Our monthly payments of £xx per month are a combination of mortgage and rent. I'd rather move to slightly smaller accomodation and pay the same £xx a month in mortgage. We have 20% worth of deposit. Both I and DH are full time employed. I am a main bread winner with very good credit score, but my single income is not sufficient to get the mortgage value we would like. My DH had an IVA before our marraige and completed it 3 years ago. Will it still be a problem to list him as secondary (additional) mortgage applicant? Are there any lenders who will be more willing to lend us money? Does it matter that we already pay the same amount in Shared Ownership rent/share mortgage and never had any defaults on these payments? Any help will be much appreciated.
I am desperate for some advice. We are curerntly in Shared Ownership house, with share mortgage on my name. Our monthly payments of £xx per month are a combination of mortgage and rent. I'd rather move to slightly smaller accomodation and pay the same £xx a month in mortgage. We have 20% worth of deposit. Both I and DH are full time employed. I am a main bread winner with very good credit score, but my single income is not sufficient to get the mortgage value we would like. My DH had an IVA before our marraige and completed it 3 years ago. Will it still be a problem to list him as secondary (additional) mortgage applicant? Are there any lenders who will be more willing to lend us money? Does it matter that we already pay the same amount in Shared Ownership rent/share mortgage and never had any defaults on these payments? Any help will be much appreciated.
0
Comments
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Adverse credit and shared ownerships do not mix well, although it is historic so there could well be solutions.
You need to get there credit files (Experian, Equifax and Call Credit) and have a chat with a broker.
Good luckI 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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