Credit Issues

Siiiiiibeck

Hi,

Sorry if this has been covered before, but I was just wanting some advice on mortgages.

Basically myself and my partner are wanting to buy in th next few years, but I have very poor credit and in an IVA currently which will be paid up in a couple of years. However I have a decent deposit (10k) and a good salary (34k) by obviously poor credit (from student problems and a car finance deal, I shouldn’t have been given)

Howeve my partner has excellent credit but a lower wage (16k) and only a couple of grand saved so far.

What do you suggest, apply for a single mortgage in her name? Or joint mortgage because my salary is significantly better?

Or am I wasting my time as will no lender be willing to lend to someone with IVA history?

Cheers

ACG

It depends on what you want. £16k for a Mortgage will not go far, at best you will probably get around £60-70k plus your deposit. If you want/need more than that then you are probably going to need a 15-20% deposit to overcome the IVA.

Having an IVA should not prevent you getting a Mortgage, but it will mean higher rates/bigger deposit is needed. There is no set answer on which to do, it depends on what works best for you.