First time mortgage, partner with bad credit.

emma_skippy

Hi,

Me and my partner are looking to be first time buyers, only problem is he has a bad credit rating. He doesn't have any outstanding debts anymore, all paid off but he has been in the last year turned down for a contract phone because if it. I currently earn £33,000 a year and he earns £16,000 a year. We also have the bank of mum and dad who want to help, they have a £400k mortgage free house they are willing to either use as a guarantor or maybe use to get a loan for us. We aren't really sure wether to leave my partner out of the whole thing or not, we are looking at a new build locally that costs about £212k. Neither us or our parents know where to start.

Thanks for any replies

carlos13

Not 100% on this but i'm pretty sure most banks offer 4 times your annual salary so i think your partners earnings will be required. This could be a struggle unless your deposit makes up the difference. Whats your partners experian score?

chanz4

experian score is nothing, its the data on it that is

kingstreet

emma_skippy wrote: »

Hi,

Me and my partner are looking to be first time buyers, only problem is he has a bad credit rating. He doesn't have any outstanding debts anymore, all paid off but he has been in the last year turned down for a contract phone because if it. I currently earn £33,000 a year and he earns £16,000 a year. We also have the bank of mum and dad who want to help, they have a £400k mortgage free house they are willing to either use as a guarantor or maybe use to get a loan for us. We aren't really sure wether to leave my partner out of the whole thing or not, we are looking at a new build locally that costs about £212k. Neither us or our parents know where to start.

Thanks for any replies

Start with all three versions of his credit file and appoint an independent broker who will be able to establish the issues and potential solutions when they see what each file holds.