Will my bad credit prevent us from getting a mortgage?
Posted on 24 January 2008
I'm 27 and earn £17,500 my partner earns £20,000 my partner wants us to buy a house together, I would love to but unfortunately was stupid when I was younger and have bad credit as a result, we have £10,000 deposit and would like to buy a property for around £130,000-£150,000. would it be possible for my partner to get a mortgage in his name but take into account my extra income?
Would really appreciate advice.
Soraya
Hello Soraya,
Unfortunately your income cannot be taken into account without you also being named on the mortgage, and therefore credit scored. If your bad credit occurred when you were younger you might find that it has cleared by now if you have been paying any bills or loans back on time. You should get your credit report so that you can see clearly what is still against your name.
After this, see a broker who can deal with prime mortgages (normal mainstream good credit ones) but who can also do (or refer you to someone who does) sub-prime mortgages. If your credit report looks OK it would be worth trying with Abbey, Principality and RBS.
After that, there are lenders such as BM solutions who can try you for a mainstream mortgage, but 'cascade' you to a sub-prime one if your credit score doesn't come back high enough.
Your credit report is available here:
Categories: Bad credit
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.