Posted on 19 January 2012 by laura
Me and my partner are currently in the process of selling his property (85K outstanding on his mortgage and selling at 120k) and buying together (my 1st property.
We have a deposit of around 30k and are hoping to buy at around 160k.
We had and AIP (expired) with Abby for a loan of 146k (lower than we could have borrowed).
Trouble is I am afraid my credit rating may be bad!
I went through a period a year or so ago where I had 3 catalouge accounts and on a few occasions my payments and o2 phone bills were late.
I have since overpaid all accounts every month and am finally settleing everything next month.
As I was scared about my credit rating I applied for an aqua bad credit credit card in september with a low limit and have used and paid this off in full every monthv since.
My partner has an excellent credit score and as far as I can see has never missed a payment on anything.
How likely is it that we will pass our credit check?
Please refer to my response regarding First Time Buyers with defaults. You also need to obtain a copy of your credit report from one of the 3 companies listed as this will give you an idea of how good or bad your credit rating is.
It is not possible to state whether or not you will definitely be able to get a mortgage because Lenders are being very careful when deciding who to lend to and each one has their own criteria. From a general view I think it will be very difficult for you, although your partner may be able to secure a mortgage on his own.
Once you have your credit reports I believe you would benefit from speaking to one of our independent mortgage advisers. Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage for your situation.
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 necessarily 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.