Financial link

National_Debtline

sonstream wrote: »

this is incorrect a joint application would create a financial association

Thanks for this correction sonstream.

James
@natdebtline

mrmagooooooo

I personally wouldn't risk it and just apply for the mortgage it in a sole names if possible.

How long ago was the Bankruptcy and repossession?

And come on own up.. Who's put 20p in GingerBob again!! lol

hodge263

Repossession was February 2011 and bankruptcy September 2011. We wanted to buy together because it will give us the opportunity to borrow enough to buy a house we want to stay in long term. Would only be probably £10-15k more than my partner can borrow on his own but it would make a big difference to us. It wouldn't be the end of the world if he had to be the sole applicant but ideally we want the best house we can afford.

SeanG79

I would expect the mortgage adviser has seen a copy of both your credit reports from all 3 reference agencies? That should put them in a position to properly advise what a mortgage lender will see and then based on experience of their risk appetite, decide which lender to approach in a joint application or if it should be an individual application.

I assume Nationwide weren't the lender to repossess previously as they may keep record of repossessions longer than 6 years...

hodge263

Yes he has seen our credit files. The only thing on there is my bankruptcy which is a big problem I know! No defaults or anything. The repossession was with Royal Bank of Scotland. My partner banks with Nationwide and has done for over 20 years, he also has a help to buy ISA with them not sure if any of that will make a difference.

SeanG79

I'm not a mortgage advisor but in my opinion you will struggle to have a high street lender approve a mortgage with a bankruptcy showing on your file.

Have you got active credit since the bankruptcy that you have been repaying on time?

Personally I would wait for the bankruptcy to come off your file before applying for any joint credit.

hodge263

Yes I have a barclaycard and a vanquis card, I just buy my petrol each month and pay in full. I also kept my mobile phone contract after bankruptcy. The original plan was to wait until September for the bankruptcy to come off my file. We made the appointment with the mortgage advisor to see if a joint mortgage would be possible and he said waiting until September wouldn't make a difference. We will probably wait until then anyway so that we have plenty saved for furniture etc but we would like to be armed with as much accurate information as possible when we do apply.

SeanG79

In my opinion, a bankruptcy showing on the credit search will definitely make a difference - it would make a difference on car finance, so I expect it would make a difference on a mortgage. September is not that far away, so I would wait until then.

hodge263

Thanks for the advice