My partners credit score is excellent mine is not, will I ruin our chance at mortgage

Firsthomehope

My partners credit score is good, he takes out credit and repays it and has been doing so for years so he is clear.

me on the other hand when I was at uni struggled and made the mistake of getting a laptop on finance and struggled to pay it off with income often changing. I was often in arrears for this before paying if off in 2017

I have had late payments on phone bills in the past but again this is the same issue as was completely reckless.

over the last, year and a half I would say things have changed. I pay every phone bill, insurance and tax on time with direct debit and my bank balance is extremely healthy as I have full time employment since leaving uni 

most unis the hours are 16 for full time, where as my uni was 50-55 a week because it was prestige and top tier training. I know I can excuse it all on this but this did play a huge part.

i don’t want to drag my partner down, it would break my heart if I were to ruin our chances of securing a mortgage. We’re looking to secure a mortgage very soon since we are property hunting and have 2 more to see to make a formal choice and I’m very anxious 

RelievedSheff

Go and see a broker who specialises in adverse lending.

Firsthomehope

So the housing development we are going with have their preferred mortgage broker. If they reject us, I should then ask who is the best option for us with my credit history

AskAsk

a joint mortgage is a joint liability so the bank will want to make sure both partners have a good credit history as they can after either of you if the mortgage is not paid.  so unfortunately your bad credit history will affect the joint mortgage.  as someone has already said, you will need a specialist broker that deals with mortgages for those with bad credit.  the builders may have their own broker, but he may not be in the business of bad credit mortgages so you may have to go to a specialist broker if you can't get a mortgage because of your bad credit.

[Deleted User]

Get hold of your credit reports from both Experian and Equifax plus another I can never remember. Take them to the broker and let them analyse. A good broker will know what companies are “no chance” and who are real possibilities and guide you accordingly so you only apply to those that are possibilities. 

It might well cost you a bit in the first few years as the interest rates may be higher, but keep your nose clean and keep up the payments and these things all become history in the end, and you then become credit worthy for best high street rates. 

Many of us have been there - it doesnt last forever if you take control. 

hazyjo

Firsthomehope said:

So the housing development we are going with have their preferred mortgage broker. If they reject us, I should then ask who is the best option for us with my credit history

Probably nothing to do with preferred and more to do with them getting commission or being under the same umbrella.

Slithery

What % LTV will you be looking at?

Firsthomehope

If you’re asking what I’m thinking the property price is 240, we have the ten percent deposit and the 5% discount which makes the actual mortgage 204

ddonq1412

Did you get get to the point of defaulting on your payment or was there just late payments?

Firsthomehope

No I’ve never defaulted. I paid the finance off, most of the finance for my laptop we’re very late and often in arreas up unroll the last 4-5 month where it was on time. I’ve often had late payments on phone bills too which is now sorted

[Deleted User]

What does your credit report actually say?

I've never been there myself but I've heard you can better your score by doing things like paying for things on a credit card and then paying it off straight away. Doesn't have to be anything major just like £20 worth. 

It sounds like you've had your finances sorted for some time now so hopefully that will have improved it somewhat however i'd do as others have suggested and speak to a specialist for their advice. 

Don't worry about it, tons of people will have had money issues and gone on to get a mortgage. The main thing is you've got your finance issues sorted now.