Advice needed! Joint mortgage with one excellent credit score and one very poor

RS0907

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!!

mcpitman

What makes your credit history "bad"?
How much are you looking to borrow?
How long are you looking for your mortgage term to be, bearing in mind your mum is 53 now?
What is your income?
How much deposit do you have?
How many dependants (children or adults who are supported by your income) do you have?
What is the short term debt (pay day loans or Credit cards etc)
When are you looking to buy (before or after the debts are paid off)?

Pixie5740

Duplicate thread:

https://forums.moneysavingexpert.com/discussion/comment/72966132#Comment_72966132

tykesi

Pixie5740 wrote: »

Duplicate thread:

https://forums.moneysavingexpert.com/discussion/comment/72966132#Comment_72966132

Op has posted the same post three times. All reported for spamming.

RS0907

Apologies that this is being mistaken as spamming.
I've not used this portal before and as a first time buyer, I'm attempting to gain as much advice as possible on the matter. Thank you

RS0907

My credit score is bad as I have taken out a few payday loans and credit cards after leaving university, all quite close together. I am now 25 and paying these back in installments as stated

We're looking at £170,000 to borrow as we have an additional £50,000 for the deposit.

We're still discussing the timescale of lending, that's dependent on what we're advised and how much we can borrow

My annual income is £30,000

I have no dependants, the children are my sisters who will not be on the mortgage. She and her partner support their children

As stated previously this short term debt is credit cards and pay day loans

We're looking to buy within the next 12 months. The debt will be paid off within the next 3 months.

mcpitman

RS0907 wrote: »

My credit score is bad as I have taken out a few payday loans and credit cards after leaving university, all quite close together. I am now 25 and paying these back in installments as stated.


What purpose was the credit taken for? How recently were they taken? Unfortunately for you payday loans heavily impact your "credit worthiness" in a negative manner

We're looking at £170,000 to borrow as we have an additional £50,000 for the deposit.


Is that a total mortgage of £220k (£170k+£50k) or £120k (£170k-£50k)?
Why did you take PD Loans if you have £50k sitting around?

We're still discussing the timescale of lending, that's dependent on what we're advised and how much we can borrow

My annual income is £30,000


Is this the only income to be taken into account? If so, you may struggle to borrow the lower number due to your credit history

I have no dependants, the children are my sisters who will not be on the mortgage. She and her partner support their children


However, if you are then providing a roof over their heads and they will not be paying you any rent or costs to cover that, they may be classed as a dependant.

As stated previously this short term debt is credit cards and pay day loans

We're looking to buy within the next 12 months. The debt will be paid off within the next 3 months.

All further questions above....(in bold)