Going Solo on a Mortgage

amberperry

My partner and I are saving for a house deposit and want to use help to buy to get a mortgage in around 6 months time. My partner has an average to bad credit score but I have a really high credit score. What's the likelihood of us being accepted for a 70% mortgage (we are hoping to save a 10% deposit and then 20% equity loan from the help to buy)

Also would I be more likely to be accepted solo as my partner has bad credit and I have high credit?

Thanks

SmlSave

No one can give you a definite answer. Best to pop to your bank and ask - then you'll have a clearer idea.

If you've a good score then getting a mortgage yourself shouldn't be a problem but you might not be able to borrow as much. You'd also be best to create a Trust Deed and Wills if you wish your partner to have a share of the property

Debtslayer

Credit scores are absolutely meaningless. What matters is your credit history. Do you or your partner have any bad credit history; non payments etc. Do you have any current debts?
When you're ready to start looking at properties seek advice from an Independent Mortgage broker who will be the best person to be able to advise what you can and cannot borrow.

bambi1980_2

I agree with Debtslayer.
We were in a similar position in that I have an excellent credit score but my partner's is fair and he has a few late payments.
We panicked but sought the help of a mortgage advisor.
We have managed to get a 75% mortgage with Nationwide with no problem whatsoever.
You are best to see an independent mortgage advisor who has experience of which companies to go with/avoid for your financial situation.
Good Luck!!

kingstreet

Going "to your own bank" may result in confusion and mis-advice.

Banks like HSBC, Co-op and Yorkshire are't part of the HTB Equity Loan scheme and they will assume you are talking about HTB Mortgage Guarantee unless you tell them specifically it's the newbuild-only version with the equity loan.

Then they'll hopefully tell you they don't lend on such properties.