Do we get a joint mortgage, one bad credit score? | scotland

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.

unicornbunnies

We just had this exact same problem.

We decided that i would just do the mortgage on my own then after my 5-year fix re-mortgage and have him put on which will be when his default falls off his credit score

Hes actually been really down about it, as he cant do any of the process like the phone calls to and from the sol, EA but ..we have a mortgage offer now and we wouldn't have got it with us both. if his is enough to carry it through - id say don't risk it

Also if its just your partners savings, maybe its best its just originally in his name? its only my savings and although i love my OH,but it makes more sense not having him on straight from the start.

However some lenders do lend to people with adverse credit

xx

Pixie5740

You should get hold of all 3 of your credit reports and sit down with a broker. Having some adverse items on your credit history isn't necessarily a dealbreaker when it comes to getting a mortgage.

If you're both going to be paying the mortgage it would make more sense, to me, that you are both named on the mortgage and the deeds.

If you are not married/civil partnership then it would also be wise to look at having a co-habitation agreement drawn up and probably a deed of trust as well. It's easier if everyone is on the same page from the beginning.