Mortgage eligibility

bluebear6

Hi there

I wonder if someone can give some advice?

My partner and I are due to buy a house together in the summer. He has an impeccable credit history and a current mortgage.

I have had previous negative history (within 6 years but worst was 3 years ago and resulted in 1-2 defaults) and have taken out payday loans in the past 18 months. I no longer have any debt as I paid it all off in November. For the past 6 months my finances have improved greatly. My Experian credit report shows a score of 924 but I know lenders go on the history rather than your current score.

We have a deposit of approx £50,000 and the house is £240,000 so a mortgage of approx £190-200,000. We have a joint income of £80,000. We have been told by a mortgage adviser we should be able to get a mortgage of £350,000 based on our salary but that was without checks etc.

Does anyone know the likelihood of obtaining a mortgage given my history? Obviously we are going to go to a mortgage adviser but I just want to be a little prepared for the answer before we do.

Much appreciated.

amnblog

You should get lending but wont have the pick of the rates.



Does your partner know about your history?

We had a similar situation earlier this week where clean partner found out about the history of poor credit partner and the sticky stuff hit the fan big time.

bluebear6

Thanks, he is aware that my history isn't great and that I've been working really hard to change this.

With regards to the rates - I guess it might be better for him to get the mortgage in his name for now to get a better rate and then we look to remortgage in a few years, adding my name at that point?

We have decided to go for a slightly cheaper house at £215,000 so our mortgage would need to be about £170k.

Thanks for replying, appreciate it.