Joint mortgage, partner poor credit

Pixie5740

Sit down with a mortgage broker. You might find that lenders won't entertain you contributing towards the deposit but not being named on the mortgage while living in the property.

There's no point carrying on regardless when an appointment with a mortgage broker would help you with some realistic expectations.

You might think there's no hurry but do you, and more importantly your parents, want you to continue living where you are indefinitely?

Once you become home owners you won't be able to continue with your current levels of spending "having a life" unless your income increases substantially.

DandelionPatrol

MNM2903 wrote: »

We could probably save a lot more tbh but we also want to live our life's a little and not say no all the time. Some will say that's dillusional or whatever but there's no rush for us were saving a fair bit as it is and it's built up quickly considering the debts etc we've paid of aswell.

If there is no rush, then pay her debts down and save a really good deposit over about 3 years. If you can get to a 15% deposit, then lenders will be more tolerant of your record, if you keep your nose clean, which will mean that you can go on the mortgage.

Life is full of choices, and you do have the choice to live life a little. But as you are at the moment, you are on the margins of not having a choice to buy a house. When a bank tells you that your OH can borrow £89k, you may find that reduces incredibly when you make a real application

Dird

You say she has £1.2k after expenses. That assumes you have about £1k after expenses too.
That's £880 left after the £1320 for deposit (seems you didn't save anything in the first 3 months then...).

You could eat out at a restaurant every day for a month and still not spend all that left over money! Whatever "live our lives" means to you seems like hugely stupid spending to me

Pay off your debts & learn to live sensibly. Netflix is cheaper than daily cinemas, do squats at home & tell your gf that primarni is better than prada

J_i_m

No, I'm sorry but as a couple you have effectively no savings at all.

This is because your partner's debt far exceeds the money you have "saved".

Put that 4k towards the debt, and focus on repaying the remaining balance as quickly as possible.

And then sit down together and make a savings plan.

LJS2014

MNM2903 wrote: »

With lloyds they were prepared to offer 89k to her which doesn't really buy much but with the deposit we are saving it puts us in the region of what we are looking at.

Be wary of basing your calculations on this - that will be the amount they would be willing to lend her "in principal". The actual amount they would offer on doing the actual mortgage application could be much lower. We got our new mortgage approved yesterday and the final amount they were willing to lend us was considerably lower than that quoted in the AIP. Luckily for us it still covered what we wanted to borrow but if we had been after the higher figure we wouldn't have got it.

Fully agree with the others about getting debts paid off first, you'll be in such a better position if you do.

Good Luck!

GoldenShadow

Our net pay isn't far off yours (about 3K, we earn more but both pay into pensions), and in a bad month we save £1700 between us. That includes our 'vices' which are the dogs, £125 pet insurance, £50 on food etc.

Re what they say they will lend, in terms of affordability we didn't feel comfortable borrowing as much as they say they will lend and I do know people who've applied for what they said they would lend and then been declined on affordability. Natwest said we could borrow up to 225K, we've applied for 167K.

MNM2903

Thanks for all the replies. We have now reserved a plot and also had a decision in principle done and approved. Obviously this is still no gaurantee but based on everything weve given them which was full and honest they can not see a problem with it, Based on the mortgage we need.