Mortgage blacklist

madlyn

My partner is in debt , he has a DMP plan which he owes around £8000 on for a credit card and 2 loans he defaulted on.
Does this mean he would be refused a mortgage or would it just be difficult to find someone who would lend to him?
I'm asking as at the moment we live in a shared ownership property which is solely in my name, but I would either like to by a bigger share or move to a new build shared ownership property with the mortgage being in both our names.
As far as I know my credit rating is good, I have never missed a payment on my mortgage have no CCJ's and no outstanding loans or credit cards.

ACG

There are probably lenders out there, but your options would be limited.
It will come down to the finer details and how it all appears on your credit report.

If you do want to look at a joint Mortgage, I would suggest getting your credit reports and taking them to an experienced broker.

YHM

Morning Madlyn

If your partner is in the middle of a DMP and his defaults are recent, you will struggle to find a lender that would provide you a joint mortgage. That's not saying it cant be done, however, you would pay a premium to which ever lender may take a punt on your application.

You need to speak to a good broker, that has good knowledge of sub-prime lenders if you want to look at a joint mortgage

madlyn

He is in the middle of a DMP and his debts are within the last 7 years.
I did suspect that this would be the case. Might just look into doing it on my own as I have done before and to be honest I'm very unsure about entering in to something with someone who has such bad money sense and debt history.

ACG

90% of my customers have bad credit to some degree or another.
There tends to a couple of types of people - those who did not know better and have learnt from it, those who did not care and those who experienced a difficult time (divorce/illness/job less etc).

I know pretty responsible people who have ended up going bankrupt. Sometimes **** happens, there is no point holding a grudge about it.

madlyn

My partner did and does not care and since having his DMP he has gone and got another credit card which is very nearly at it's limit. S o he has learnt nothing and I don't hold a grudge it just makes me angry that his credit history and attitude to money is holdings us back.