Partner with defaults and getting a mortgage

Ramok

Hi all

Looking for people with similar story and their experience. Me and my partner are aiming to get a mortgage in April 2023. Problem is her credit score is really high while im just coming out of DMP plan. This month im going for full and final settlement with my creditors. As far as im aware i got up to 4 defaults with are dated 2021 and 2020.

We are going to max out both LISA accounts and will have around 7-9% for deposit. Question is are we even going to get it with my markers for full and final settlement and with my defaults on my credit score? If we are what kind of % rate we could expect?

please share if you got similar experience 

thank uou

[Deleted User]

Once settled, you might have options. 

But you both need to be checking your files, not your scores so you understand how you appear to lenders. It sounds as if you're not sure what defaults you actually have.

Post on the mortgages board for specific mortgage advice. You'll need a broker experienced in adverse credit.

goldhair86

I’m in the same boat as you.

My credit score is perfect, but my partners is not so great. He has 3 defaults and the most recent one is from this year. I’ve asked around and I’ve been told that it is possible to get a mortgage but we will likely have to swallow a higher interest rate as the high street won’t touch us. We are looking at getting our mortgage next year and by then two of those defaults will be a year old. The older the defaults the better. We are going to have to use a specialist broker, so are saving extra just for that as the fees are quite high!

Good luck

Thrugelmir

If you opt for partial settlement debts. Don't be surprised if the same lenders aren't receptive towards a mortgage application from you. There's rarely a free lunch in this world. 

goldieandblackie

Run for the hills

[Deleted User]

goldhair86 said:

I’m in the same boat as you.

My credit score is perfect, but my partners is not so great. He has 3 defaults and the most recent one is from this year. I’ve asked around and I’ve been told that it is possible to get a mortgage but we will likely have to swallow a higher interest rate as the high street won’t touch us. We are looking at getting our mortgage next year and by then two of those defaults will be a year old. The older the defaults the better. We are going to have to use a specialist broker, so are saving extra just for that as the fees are quite high!

Good luck

Your credit score being perfect is irrelevant as no lender ever sees it, only the details on your history are important.