Help! First Time Buyer over Here

jodieangell

Hi all,

I'm looking for some advice/guidance. Apologies in advance for the long post.

Me and my partner are looking to buy our first property! However, my partner has two defaults in his name, both of which reach 3 years old this year. Up until this point, we've always been told we need a high deposit, which is why we have waited.

I've recently reached out to a mortgage advisor specifically from a bad credit provider--if we both have our names on the mortgage, the rate is about 4.7% and the monthly payments are obviously quite high. Since then, I have read through the advice on this website. I have also used the Mortgage Best Buy Tool for just myself--the rate is considerably lower at 2.49%.

I am assuming it is going to be a lot easier to get a mortgage solely in my name--we can afford a property based on my salary alone. My question is, will his credit report still affect my application for a mortgage even though he is not on it?

The plan is to get a mortgage in my name, fixed for 3 years, then once his defaults are completely removed from his report, we can remortgage at that point, including his name.

Any advice will be greatly appreciated.

Thanks,

Jodie

GentleGiant01

i assume using the word partner means you are not married? 

I did this with an ex partner of mine with no Problems at all, she had a really bad report and mine was perfect. We had no issues however she had to sign a piece of paper to state she had no interest in the property and if I stopped paying the mortgage and it was repossessed she would leave if the bank told her too. She also had to pay for the SOL to “go through her options” - from memory that was £300 or so but it was a while ago now. 

If your partner is working and able to financially support themselves, they won’t be classed as a financial dependent for most banks but if he’s not earning this will change the amount you can borrow. 

If you’re married it’s a different kettle of fish but a good broker will get this through for you with no issues. 

As always, a good broker will make sure you have no issues good luck!  

GentleGiant01

It also may be worth writing up an agreement so that if you are using their wages to pay some of the mortgage, they have something to see for it if things go south. When I finished with my ex, she’d paid around 3k into the mortgage payments (made some overpayments with a bonus) and so I gave her this as a deposit contribution to buying her own place  

K_S

@jodieangell If your income is sufficient for the borrowing required, that's a sound plan (from a mortgage point of view) and you have a good number of mainstream lenders who will not care if your partner isn't on the mortgage. If he's providing part of the deposit, the pool of lenders will grow smaller but you should still have options.