Mortgage Advice needed please!!

JMayy

Hi

I have just sold my house and am applying for a mortage with my partner who is a first time buyer. My credit score is great, never have any faults or anything however my partner has had a few finiancial issues that Im worried will affect us.

His credit score is now called as 'fair' on experian, he has three unsettled defults on his account as he paid it off through a debt management company.. Big mistake but not much we can do now! This was in 2012 and we have spent a long time building his credit back up, paying off his car loan and using a credit card to rebuild his credit.

However will the defult still affect our application? Will my credit score balance out his negative score? We are going with Halifax as thats who im with at the moment. We will be putting down either a 20% or 25% deposit. We are hoping for 25% as we have been told this may improve our chances. Has anyone else with bad credit applied with Halifax?

Any advice would be appreciated! Im starting to panick now as my house sold really quick!

Thanks.

Landofwood

Three unsettled defaults means you can't use Halifax or any other mainstream lenders.

JMayy

And thats an absolute definite?

Landofwood

So you're at school and little Jimmy asks to borrow £5, which is a huge amount of money. He promises he'll pay you back with interest.

You chat to a few friends and find out that little Jimmy borrowed money from three of them, promised to pay them back, but didn't!

Would you still lend to little Jimmy?

betmunch

I wouldnt waste my time waiting for Halifax to give you a decision.
99% sure it'll be a no, but if it is a yes, they have the most unreliable DIP in the business.

Get copies of all your credit reports and find a broker, preferably one specialised in adverse cases

Rollinghills

Can you afford to buy on your own? Is your partner contributing to the deposit? Some lenders may not like this situation either but if could be an alternative route as your partners credit is poor. Either way a good broker is the way to go.

kingstreet

When in 2012?

Are the default registration dates more or less than three years ago?

If Halifax will do this, chances are it will be a maximum of 65% as that is the next level up from credit score fail.

betmunch has it right. All three versions of credit file and a good broker.