Joint Mortgage, Very Large Deposit One Poor Rating,

vjc85

Hi there, I’m looking for some advice. 

My husband and I are looking to apply for a joint mortgage on our first home together.  We have a very large deposit of £350000 and are looking for around £100,000 mortgage. 

The problem is my husband previously had a very bad credit history with one three year old satisfied CCJ but has no outstanding debt. The last default was January 2018 but their credit rating is very low still. My husband earns £40000 per year. I on the other hand have a very good rating, no debt, and I earn £55000 per year. I also own another mortgage free property. My question is, with a relatively small mortgage required, nearly a 75% deposit and a cash asset, would my partners credit rating prevent us from being approved for the mortgage of this size? 

All advice greatly received! 

dimbo61

Spending some money on employing a good local whole of market mortgage broker could be money well spent.

SeanG79

Where has the deposit come from, are you both contributing equally?
You need to remember that if you aren't already, you will become financially linked and your husband's adverse credit will impact on your credit profile too.

vjc85

Hi, 

The equity will come from the sale of my current home that I am very lucky not to have a mortgage on. I am aware that our financial association may impact my rating initially. 

Thanks 

vjc85

I’m really interested to know if we would be rejected on the basis on my husbands bad credit rating or if the deposit and additional assets would allow us to be approved. 

Thanks 

[Deleted User]

It might be rejected, or you will go to a worse lender with a higher rate, or you do it in your name only and sort out the legal ownership with the solicitor