Paying a fee for someone to retain a house

Voyager2002

thomson_adam wrote: »

Thanks guys
I was going to call my solicitor tomorrow , me and the vendor are actually using the same company so that could work.

Yeah he might tell me to get lost so I kmow its just a shot In the dark , do you think in 6 months we could get my partners history sorted ?

It just says on the reports , not on the electoral roll and lack of available credit as she doesn't have cards ... Experian gave her a 894 which was in the good section and Equifax gave her 361 which is poor but only 7 marks from good.

We have applied for her to go on the roll and she currently has two phone contracts with one finishing this month that will be off very soon

Those credit scores mean absolutely nothing, and are not used by mortgage underwriters...

Unless the lender has told you that you are likely to be acceptable to them in a few months, you should not enter into any kind of binding commitment.

eddddy

MisterB1959 wrote: »

I think what youre looking for is a future guarantee to buy scheme (similar to an option to buy)
...

Voyager2002 wrote: »

Unless the lender has told you that you are likely to be acceptable to them in a few months, you should not enter into any kind of binding commitment.

There are very many of reasons why you should not "guarantee to buy" anything or make a "binding commitment" to buy. That happens at exchange of contracts, after your solicitor has done all the due diligence etc,

You could try for an option agreement, but that may be a bit daunting for the vendor.

A lockout agreement would be much less daunting.


Unless you have a good relationship with the vendor, I would go through the EA... "We really like the house, but there is a problem..."

The EA is a professional salesperson, so will be able to "sell" the idea to the vendor (if they want to).

Kevie192

Credit 'scores' mean nothing. Each lender has their own way of evaluating an individual and those scores are very unlikely to form a part of it.

Have the lenders specifically told you that they will accept your partner if they are added to the electoral roll and you wait a few months? If not, I see little point in your plans...

What would be much better is to go and see a good independent mortgage broker. They have access to the whole market including products which I think are likely to accept you and your partner if not being on the electoral roll is the only real issue.

thomson_adam

Kevie192 wrote: »

Credit 'scores' mean nothing. Each lender has their own way of evaluating an individual and those scores are very unlikely to form a part of it.

Have the lenders specifically told you that they will accept your partner if they are added to the electoral roll and you wait a few months? If not, I see little point in your plans...

What would be much better is to go and see a good independent mortgage broker. They have access to the whole market including products which I think are likely to accept you and your partner if not being on the electoral roll is the only real issue.

we were told by our broker that metro said in a few months once a few things were sorted out ... e.g. the address situation they believed we would pass

Annisele

OK, so for *that* lender you'd need to wait another few months. What has your broker said about whether other lenders would accept you now? They don't all use the same lending criteria.

Nuttydj

Annisele wrote: »

OK, so for *that* lender you'd need to wait another few months. What has your broker said about whether other lenders would accept you now? They don't all use the same lending criteria.

Also have you considered if it would be better just in your name? I don't work with mortgages but I imagine they may have actually taken your partner as a disadvantage, it would depend on your own status and if you were both happy to do this of course

thomson_adam

We've been told halifax may be Able to do it as they use Experian and she has a score of 905 with them.

On my own isn't an option at the minute as I would only be able to borrow £225k and we need £245k

owitemisermusa

Please see https://forums.moneysavingexpert.com/discussion/5166380