Buying a flat together-one has BAD Credit-what can we afford?

2003wastheyear

Hello
Forgive my ignorance...

My partner and I wish to buy a flat. My partner has a large deposit and steady income. However I am a discharged BR (BR in 2003 DC 2004).
Is it possible for my partner to get a mortgage alone and for me to be put on the deeds (if these exist and are not a fragment of my imagination) but NOT on the mortgage. I would then pay half or more of the mortgage payments etc. So basically we do not want my bad credit to affect deal, but I want some security as I will be living at the property and paying my share etc.

ANY advice, ideas or knowledge greatly received!

ADDED INFO- We currently pay rent of 1k per month between us for one bed flat. Would like to pay much less for mortgage!
Have 100k cash for deposit. Partner has 10k pa NET income. I earn 25-35k pa GROSS. Looking at 200k property max.

Many thanks

homer_j_3

without incomes and property value, we will not be able to say.

You can get mortgages 1 day following discharge of bancruptcy - yours is 3 years so the rates shouldnt be too bad considering.

2003wastheyear

Thanks Homer J.

My partner has 50% of property value for deposit-100k. We are looking at 200k property. I earn 25-35k pa gross and he 20kpa gross.

homer_j_3

it should be feasible on his wage but you will greatly reduce the lenders that will look at you because of the income stretch on his income.

With both of you named then it will be no bother what so ever.

I guess what you need to do is get a mortgage adviser to go through both options with you and then see if the difference in payments and costs are worth you not being on the mortgage. Being named on the deeds shouldnt be a problem.