Joining mortgage with bad credit?

Kitty-Anne

Hello! I am new here so please be gentle.

After years of yoyoing in and out of debt, denial, poor mental health, keeping secrets from my partner, I have recently made the huge step of getting help for my situation (just over £16k. I came clean to my partner (who was lovely and supportive) and contactinf StepChange. I am starting a DMP, which I understand will end in defaults on my credit file and ultimately my credit will be ruined for years.

What I want to know is whether I will be able to join my partner's mortgage before my credit it back to normal health? My DMP is set to last roughly 3 years and ideally we would like to apply for a joint mortgage then. He has great credit and he currently owns the house we live in. Would this be possible, without going to a  specialist mortgage broker with sky high interest rates and fees?

I am 34 this year and I don't want to be into my 40s before being on the mortgage.

I would appreciate any advice - I am quite clueless with all of this!

Thanks

sourcrates

Having defaults on your credit file will limit your mortgage choices, especially with mainstream lenders.

A good broker will be worth their weight in gold, it won`t be impossible, just more costly.

Alternative is to wait until defaults have gone, 6 years in total from date of default.

Maybe best to wait until the debt is gone as affordability will improve.

fatbelly

We recommend making sure you have the defaults before starting a dmp as that is the quickest way to a clean file.

Lenders think they are helpful in marking your file AP, but in those cases your file will not clear until 6 years after the debt is settled.

Keep an eye on your credit reports