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  • FIRST POST
    • sunnydays2018
    • By sunnydays2018 6th Jul 18, 2:19 PM
    • 1Posts
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    sunnydays2018
    rent, buy, shared ownership - one with bad credit
    • #1
    • 6th Jul 18, 2:19 PM
    rent, buy, shared ownership - one with bad credit 6th Jul 18 at 2:19 PM
    I have a dilemma and I am hoping that you can help guide me In the right direction.

    Currently my partner and I live separately and also 170 miles apart, we have decided now is the time for us to live together. Problem is we are not sure if we should rent or buy, or even shared ownership

    The rent option:
    The reason being is I have a very bad credit score including a CCJ (yes stupid I know) and would not be accepted for rent by myself etc, question is would we be accepted together if we were looking to rent etc, I am in the process of dealing with my debts but also have a job that pays well. Or would it be best my partner rents himself and i just get named on the tenancy but my partner takes repsonsibility on the agreement, or sole tenancy?

    The mortgage and shared ownership option:
    My Partner has a large deposit, i would pay him monthly my part of the money going out until my credit is sorted and i get added on the list.

    I am not sure how it works if he gets a mortage and they take into account my salary in order for us to get a bigger mortgage, will they look at my credit file?

    Feeling penalised due to young stupid mistakes but I am trying to sort. Just want to know the best options for us both

    Thanks in advance
Page 1
    • foxy-stoat
    • By foxy-stoat 6th Jul 18, 2:23 PM
    • 2,188 Posts
    • 1,186 Thanks
    foxy-stoat
    • #2
    • 6th Jul 18, 2:23 PM
    • #2
    • 6th Jul 18, 2:23 PM
    If you havent lived together before I would say rent for a year or 2. Give you enough time to sort out your CCJ, time heals all credit history.

    If your still together in 2 years then by all means buy somewhere together and live happily ever after, do have write a Deed of Trust though to protect your partner's deposit, just in case you dont manage it.
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