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Getting a mortgage - Partner has bad credit
doodle1992
Posts: 1 Newbie
Hi,
My and my partner are looking to buying our first home. We spoke to a broker a few months ago who ran through an AIP which came back unsuccessful due to my partners credit score (a default from October/November 2015 which is now settled, and a couple of late payments at the end of last year). We then felt like he fobbed us off without giving us advice on any other options.
We have spoke about getting a mortgage just under my name. We'd need to wait until December for me to get a pay rise for my wage to be high enough for the affordability, and had a few questions about it!
We should have enough of a deposit of "just my money", but not sure it will be quite enough by then (waiting much longer than that might not be an option as the property we're looking to buy would be off a family member who needs the money to pay inheritance out).
I did lend my partner almost £3,000 to pay off all his debts just over a year ago, so would having some of the funds coming from him (being effectively him repaying money I loaned him) be accepted from a lender?
We are also engaged to be married! Am I right in thinking that once we are married, he'd be entitled to half the house anyway whether his name was on the mortgage/deeds or not?
Also, say in a few years time, after my partner has improved his credit score (which he is working on now!), would we be able to reapply for a mortgage with both our names on it? Is it easy enough?
Sorry if some of the questions sound silly! I'm a bit clueless and, like I said, the broker we spoke to seemed really unhelpful after he realised he wouldn't get any money out of us at this moment in time. Thanks for any help!
My and my partner are looking to buying our first home. We spoke to a broker a few months ago who ran through an AIP which came back unsuccessful due to my partners credit score (a default from October/November 2015 which is now settled, and a couple of late payments at the end of last year). We then felt like he fobbed us off without giving us advice on any other options.
We have spoke about getting a mortgage just under my name. We'd need to wait until December for me to get a pay rise for my wage to be high enough for the affordability, and had a few questions about it!
We should have enough of a deposit of "just my money", but not sure it will be quite enough by then (waiting much longer than that might not be an option as the property we're looking to buy would be off a family member who needs the money to pay inheritance out).
I did lend my partner almost £3,000 to pay off all his debts just over a year ago, so would having some of the funds coming from him (being effectively him repaying money I loaned him) be accepted from a lender?
We are also engaged to be married! Am I right in thinking that once we are married, he'd be entitled to half the house anyway whether his name was on the mortgage/deeds or not?
Also, say in a few years time, after my partner has improved his credit score (which he is working on now!), would we be able to reapply for a mortgage with both our names on it? Is it easy enough?
Sorry if some of the questions sound silly! I'm a bit clueless and, like I said, the broker we spoke to seemed really unhelpful after he realised he wouldn't get any money out of us at this moment in time. Thanks for any help!
0
Comments
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Sounds like you simply need a new broker with a more professional attitude.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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