Mortgage advice needed!!!

samla

Myself & my partner are looking at moving house. My partner currently has a mortgage on our existing property. I have never had a mortgage. We are concerned that my partners poor credit rating will affect our chances of getting a mortgage, the main reason she had an IVA in the past which finished in May 2015. We are going through the process of clearing all my partners arrears in the hope of increasing her credit file. My credit rating is good, although for the amount of money we wish to borrow I wouldn't be able to do it on my own. We anticipate we will have around 20k of equity in the current property to use as a deposit for the new house. We are looking at houses in the region of 180k.

Another factor concerning us is that I work in the gambling industry, & with being in that industry I am a recreational gambler. I have heard that lenders aren't keen on lending to people who gamble. However, I am not an average gambler. I always keep track of how I am performing, & over the last 18 months I have been doing it, I have made profit every month & have made more money than I make from my actual job.

Given all the above factors, I'd appreciate it if someone can advise us on the best course of action. Also which lenders are most likely to accept us given the circumstances. Reason for asking is that I've read that applying with several lenders can have a negative effect on your credit file. We have been to speak with an estate agent broker, however they asked for £500 upfront which I thought was a bit excessive!

Thank you
Sam

Thrugelmir

samla wrote: »

We are going through the process of clearing all my partners arrears in the hope of increasing her credit file.

Arrears of what?

samla

She had built up arrears of approx 2k on her gas/electric bill & also her current mortgage by missing a payment. These were from approx 5 years ago, but should be cleared in the next week.

amnblog

An IVA recently and 10% deposit does not mix.

You will need more time or much more deposit.

Alifrust33

A mortgage lender don't look at the profit you are making they will just see you as a gambler so I would stop that straight away. I don't think working in that industry would go against you.definately get your credit report in order as it will show last 6 years on Experian. Make payments on time and go with a good broker which knows lenders well. They shouldn't take any money upfront either until they have secured the mortgage for you.

glentoran99

Stop gambling from now until you get round to applying for a mortgage, lots of withdrawals to gambling sites is very bad for mortage applications

getmore4less

glentoran99 wrote: »

Stop gambling from now until you get round to applying for a mortgage, lots of withdrawals to gambling sites is very bad for mortage applications

if they have been making money there should be none you keep your stake money within the system.

glentoran99

Then it wont be an issue

Thrugelmir

Alifrust33 wrote: »

A mortgage lender don't look at the profit you are making they will just see you as a gambler so I would stop that straight away. I don't think working in that industry would go against you.definately get your credit report in order as it will show last 6 years on Experian. Make payments on time and go with a good broker which knows lenders well. They shouldn't take any money upfront either until they have secured the mortgage for you.

This thread has been inactive since last October. Worth checking before posting.

Alifrust33

Many people read old posts for advice so it doesn't really matter. Just trying to help the guy!!

tykesi

The guy who was last active on 14th October last year so most likely isn't bothered for any help nor actually see your replies?