We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Advice needed! Joint mortgage with one excellent credit score and one very poor
RS0907
Posts: 6 Forumite
Hi all, I have a question regarding joint mortgages and bad credit.
So me and my mum are buying a house together and we are both first time buyers. Mum has rented the same house for over 25 years now and she now desperately wishes to own her own property. My mother is 53 years old with a very strong credit history and a stable income.
I also have a stable and higher income however my credit history is very poor. I have around £5000 of short term debt which will be paid off within the next year and half.
As we have a growing family we need to buy a house asap (there are currently 5 adults and 2 children in a this three bedroom house)
My question is, will my bad credit history and current debt affect our chances of getting a mortgage in both of our names?
I've never missed a payment for the loan instalments and all of my accounts are up to date. I just do not want my credit history to affect my mothers chances if finally owning her own house.
Can anyone advise as to whether my history and current debt will affect our chances of being approved?
Thank you!!
So me and my mum are buying a house together and we are both first time buyers. Mum has rented the same house for over 25 years now and she now desperately wishes to own her own property. My mother is 53 years old with a very strong credit history and a stable income.
I also have a stable and higher income however my credit history is very poor. I have around £5000 of short term debt which will be paid off within the next year and half.
As we have a growing family we need to buy a house asap (there are currently 5 adults and 2 children in a this three bedroom house)
My question is, will my bad credit history and current debt affect our chances of getting a mortgage in both of our names?
I've never missed a payment for the loan instalments and all of my accounts are up to date. I just do not want my credit history to affect my mothers chances if finally owning her own house.
Can anyone advise as to whether my history and current debt will affect our chances of being approved?
Thank you!!
0
Comments
-
I can't say how your credit history will affect it, if you have debts but never missed a payment I wouldn't call this a bad credit history and £5000 is manageable. Have you run a free credit report to give you an idea?
What may affect your mortgage eligibility is your mums age. She may not be eligible for a 25 year mortgage at her age. If you are lending over a shorter term, you maybe allowed to borrow less due to affordability.
When I was struggling to buy we looked at putting my mum on the mortgage to increase my overall borrowing slightly, but actually with my mum on the mortgage the term reduced and I was only able to borrow less with her inspite of stable job and good income and credit history - age outweighed those factors.
Speak to an independent mortgage advisor who won't charge for an initial consultation and will be able to advise on this stuff and do some soft checks.0 -
If you've never missed a payment what makes you think your credit history is bad?0
-
I think you each need to talk to an independent mortgage adviser to work out what your mortgage capacity will be individually and jointly.All posts are my personal opinion, not formal advice Always get proper, professional advice (particularly about anything legal!)0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.9K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards