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Joint mortgage: partner has poor credit score
ambioni
Posts: 114 Forumite
So- saw a mortgage broker today to see if I could get a 145K mortgage with a 20K deposit and 36K salary....found some good deals but despite budgeting carefully and having good credit score and no other outgoing credit I came up just short when broker tried one of the bank's affordability calculators....he said it might be because this bank doesn't take into accouny my pension payments and reckons it should be ok with another lender but even so I may be near the top of my affordability.
However- I could make a joint application with partner and his earnings make the affordability easy, but his credit score isn't great (3/5 on Noddle, 600 or so on experian) plus he has some car finance to pay off.
Not sure which route is the riskier and would hate for the house deal to fall through now that offer has been accepted- go it alone or joint with partner and risk failing because of his credit score.
Any ideas?
However- I could make a joint application with partner and his earnings make the affordability easy, but his credit score isn't great (3/5 on Noddle, 600 or so on experian) plus he has some car finance to pay off.
Not sure which route is the riskier and would hate for the house deal to fall through now that offer has been accepted- go it alone or joint with partner and risk failing because of his credit score.
Any ideas?
0
Comments
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What's he reason for the poor "score" missed payments? CCJ's? Payday loans? Lots of debt?
The answers to those questions will help decide which lender is the best for you, however I'd suggest getting in touch with a good mortgage advisor who will know where is best to place your mortgage.0 -
he had an IVA in the past but this is now erased as was more than 6 yr ago....but he has been trying to build up his score since then...he has a couple of unauthorised dips into overdraft recently but these don't seem to have been recorded as defaults....apart from that, no CCJs, no bankruptcy, no other defaults or missed payments0
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Does your broker have experience working with adverse credit? If not, find one that does.
Ignore the credit scores, they are meaningless. What's important is what negative markers you can see on the credit report. Also, some lenders only look at one or two of the reports from the different credit agencies - a good broker should know which lenders to avoid if there are negative markers on (say) your Equifax report but your Experian one is clear.
Are you both on the electoral register?Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0
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