LIFT scheme joint mortgage | Scotland | One has bad credit score?

ambiiee

Hello. Please forgive me as this is all new to us, but me and my partner need some advice.
We would be first time buyers.
We are looking to purchase through our local housing association here in Scotland, through the part buy scheme LIFT where you purchase a minimum of 51% of the property up to 80%. Now..my partner has sufficient savings (£26,000 approx). His credit score is excellent, pretty much a clean slate and no debts. Mine however, due to financial difficulty in the past and being young and silly, it is rather bad and I still have approx £2000 debt remaining. Now we would need about £80,000 mortgage to cover the 51% of a 3 bedroom home. We are both 23 and also council tenants which i understand is prioritised. We are wandering... Do we apply for a joint mortgage, or are we better just him applying for a mortgage as I'm sure he would be eligible. His income alone is £25,300 pa. Would this be better? As I'm afraid through joint application they would turn us down due to bad credit score on my half.

Thank you in advance, Amber.

bailliebhoy

where in scotland are you?

scotwest are a good credit union

Calum_Young

you have 26k savings?? why don't you apply for a normal mortgage and let the lift scheme fund people with low deposits?

Pixie5740

No credit history is not the same as good credit history. It means that he is an unknown quantity to lenders.

I am assuming that as you said partner you're not married in which case I would want to be on the mortgage if I was contributing to the mortgage repayments but with a Declaration of Trust to protect his deposit.

A good mortgage broker should be able to go through your options with you.

Pixie5740

There's also no such thing as a universal credit score. They are numbers made up by the credit reference agencies (none of whom lend money) to sell you more products you don't need so I would put too much stock in them. You might be in a better position than you think.