Joint Mortgage Application question

pioneer22

Hello,

My credit file for the last 2 years has been good, repayments met no missed/arrears etc. But I had a couple of arrears 2 years ago. I work and earn the main salary.

My wife has a spot on credit file, really high rating etc but hasn't worked for 2 years. So no income.

Will it be weighted 50/50 as a joint application?

Probably need a specialist lender like Aldermore as I have been in my currently position for 2 months.

Thanks!

[Deleted User]

They'll review both of your credit histories and circumstances. There's no 50/50, as a joint application makes you both jointly and severally liable.

[Deleted User]

Ignore any scores and ratings as a lender will as well.

Affordability plays a main part in a mortgage, so whilst the application is joint only a single salary will be accounted for if your wife isn’t working.

pioneer22

OK, thanks.

After our potential mortgage, bills/debts we have about £1100 a month for dates/food/petrol.

Would they consider this? It's about 41% of my income.

[Deleted User]

It varies lender to lender.

If in doubt use a decent broker.

LRmortgage

Only being in your job for 2 months doesn’t mean you necessarily need a specialist lender. There are plenty of high street lenders at normal rates that can potentially work with that.

Depending on your arrears, how long, what amounts, who with etc then you may need a more specialist lender for that.

Worth a chat with a decent broker.

ACG

Just a couple of arrears and 2 years ago seems a little bit overkill for Aldermore. To put it in to perspective, we placed a customer with 2 bankruptcies and 2 IVAs 3 years ago at a rate of under 3% just last week. But like anything, the devil is in the detail.

Get your reports in front of an experienced broker.