The MSE Forum will be undergoing some maintenance this evening. As a result, some users may experience temporary performance issues. Please use the Site Feedback board to report anything major. Thank you for your patience.

Partner has adverse credit - Help!

James120906
James120906 Posts: 11
First Anniversary Combo Breaker
Forumite
edited 16 August 2019 at 8:59PM in Mortgages & endowments
Hi folks.

So here is the situation.

My partner and currently selling on properties. Looking to buy a property valued at 160k and putting 10% down needing mortgage of 144k.

I have 28k credit card debt, which after selling i will clear half of. Also will have 4k on car finance to pay. My credit hidtory is good, no adverse.

However. My partner does have adverse which i only just discovered. 2 defaults from october 2013 for 167 and 212. Both unsettled.

One more from July 14 settled for 112. Outstanding cred card of 2k.

Our salaries at 36k each. Not knowing about defaults applied through broker to platform and decline due to adverse.

Whats our chances of getting a mortgage. Verbal offer accepted on property.

Any help very much appreciated!

Comments

  • Thrugelmir
    Thrugelmir Posts: 89,546
    Name Dropper Photogenic First Anniversary First Post
    Forumite
    I have 28k credit card debt, which after selling i will clear half of. Also will have 4k on car finance to pay. My credit hidtory is good, no adverse.

    Your credit history appears to reflect the fact that you don't manage your personal finances very well. That's what counts from the lenders perception. Which I suspect is different to yours.
  • MovingForwards
    MovingForwards Posts: 16,860
    First Anniversary First Post Name Dropper Photogenic
    Forumite
    Speak with a whole of market adverse credit mortgage broker and see what they can do.

    Any reason your OH has not settled the defaults considering the low amount and reasonable salary?
    Mortgage started 2020, aiming to clear it in 2026.
  • Im not sure of reason they arent paid. They could now be paid at a moments notice not that, that would suddenly boost our chances but yes she'll now pay them. Should say she hasnt ever missed a mortgage payment and no defaults since 2014 so hoping that will help
  • If defaults are over 3 yrs old then there will be options.

    If the defaults are satisfied before application (and show on the credit report as satisfied) there may even be some high street options

    Managed to place a case this week on the high street with a 3 yr old settled default and missed payments across 6 accounts over 2 yrs ago. This was with a 15% deposit
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Hi Folks

    Thank you for replies. I know brokers on here cant approach people directly due to mse code of conduct but can any recommend a whole of market, adverse specialist broker that doesnt charge crazy fees. Quoted 2000 as an example!

    L&C couldnt help when i enquired online but referred to chartwell.

    Just looking for any advice as we have to move quick on this property. Also as prev mentioned even though wont show immediately on file, presumably best to get partner to settle defaults?

    Many thanks
  • csgohan4
    csgohan4 Posts: 10,587
    First Anniversary First Post Name Dropper Photogenic
    Forumite
    Adverse credit brokers' will be expensive as they are specialist. No harm in shopping around for them, don't expect them to be free and good as you have found from L+C

    I'm afraid with that amount of debt, that will impact on your affordability as you won't have enough left over it seems to clear all your debts.

    It really depends on your total income, total debt and what house budget you plan to buy

    Other option if you can't get a mortgage is to rent and repair your credit history, time does heal

    The debt free wannabee forum is a good place to start hitting that debt
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • ACG
    ACG Posts: 23,676
    First Anniversary Name Dropper First Post I've helped Parliament
    Forumite
    There are lenders who will likely do this, rates could vary from normal (circa 2.5-3% up to around 5% for 2 years) depending on the finer details of the case.

    I would expect an experienced broker to be able to place this for you.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • While brokers cannot contact you there is nothing stopping you contacting a broker from here.

    Many of us have helped people from this website but brokers are not allowed go contact you to tout for business.

    Have a look at what some of the brokers have had to say especially around adverse credit and if you want to contact someone then use the pm button
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 342.4K Banking & Borrowing
  • 249.9K Reduce Debt & Boost Income
  • 449.4K Spending & Discounts
  • 234.6K Work, Benefits & Business
  • 607K Mortgages, Homes & Bills
  • 172.8K Life & Family
  • 247.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.8K Discuss & Feedback
  • 15.1K Coronavirus Support Boards