Joint mortgage partner poor credit

DaisyW

Hello

First time using forum hope I'm in the right bit.

I have sold my property and have an offer in on another property. I have had a mortgage for 5 years my credit is excellent and never missed a payment, however my partner has one default (although settled) on his credit report and we are worried we wont be able to get a joint mortgage. I was thinking of going direct to my current lender or my bank as I thought we may stand a better chance although this way we may not get the best deal. I dont earn enough to get a mortgage out in my name. I was wondering if anybody had any advice? Thanks

herbiesjp

How long ago was he default registered?

Has it been satisfied?What was the aount of the default?

A lot will also depend on how much you are looking to borrow against the value of the property, so if you can provide those figures as well, it will help

DaisyW

Hi

Thanks for replying. It was registered 3 years ago for aprox £400 on unused mobile line rental that my partner thought was cancelled as he had cancelled over the phone about 3 years ago but the company are saying he needed to also put this in writing. He never recevd any bills as he had moved several times after cancelling so the first he knew about it was when a debt collection agency contacted himjust last year. It was settled as soon as he recvd notification but he has been told it stays on for another 3 years. We are putting down just over 20% deposit on a mortgage of £132000

DaisyW

Hi

Thanks for replying. It was registered 3 years ago for aprox £400 on unused mobile line rental that my partner thought was cancelled as he had cancelled over the phone about 3 years ago but the company are saying he needed to also put this in writing. He never recevd any bills as he had moved several times after cancelling so the first he knew about it was when a debt collection agency contacted himjust last year. It was settled as soon as he recvd notification but he has been told it stays on for another 3 years. We are putting down just over 20% deposit on a mortgage of £132000, looking to borow £106000

bestmumof3

DaisyW wrote: »

Hi

Thanks for replying. It was registered 3 years ago for aprox £400 on unused mobile line rental that my partner thought was cancelled as he had cancelled over the phone about 3 years ago but the company are saying he needed to also put this in writing. He never recevd any bills as he had moved several times after cancelling so the first he knew about it was when a debt collection agency contacted himjust last year. It was settled as soon as he recvd notification but he has been told it stays on for another 3 years. We are putting down just over 20% deposit on a mortgage of £132000, looking to borow £106000

If it is all settled now, why not write to the company and ask for the default to be removed. Defaults normally stay on file for 6 years, from the date of default. However, you can write to the company and ask for it to be removed.

The other thing you can do is register with CreditExpert.com and receive a free on-line version of your credit report for 30 days. You need to remember to cancel it before the 30 days expires or you are charged £6.99 per month

herbiesjp

Putting down a 20% depsoit will be very helpful in getting a mortgage.

The small default "should not" cause many problems - however, in the current climate lenders are cherry picking who they lend money to.

What are your two incomes?

DaisyW

Hello We have tried writing to the company and they wont remove the default - guess they dont want to admit they are in the wrong. we have put anoticeof correction on thye credit file but appernetly some mortgage companies dont even look at these. It will stay on for another 3 years. We both earn roughly about the same and joint income is £40,200, both been in current jobs over four years.One of the lendersIwasconsidering was Nationwide but after they have put their interset rates up guess they are out of the picture. Are there any comapnies that you know of that would not take this default into consideration or weigh it lightly?

herbiesjp

WIth criteria getting tighter by the day it is difficult to say any lender with confidence.

Your best bet will be to talk to a whole of market adviser (fee free if you want) and and let them chat through with the various lenders to see what they say

A while back it should not have been a problem especially with the 20% deposit, however know I would suggets being a bit careful before letting anyone do a credit search on you

DaisyW

Hiya

Many Thanks for advice I will let you know how we get on.