Previous Adverse Credit

Posted on 26 March 2011 by Nicki

My husband currently has a mortgage and we want to move to a bigger house, however if we move we would need to apply for a joint mortgage but I have adverse credit on my file.  Defaults and an IVA - the defaults are satisfield and the IVA was paid off and completed 2 years early - 2010.  My husband earns £40k and has a clean credit file and I earn £45k with no outstanding debt.  My credit score is around 808. 

What are the chances of us getting a joint mortgage?  We will have a 10-15% deposit.


Despite your Defaults and IVA you still have a fair credit score and so it is quite possible that you will be able to obtain a mortgage.  Perhaps though it is the size of the deposit you have available that is going to make the difference.  With a deposit of 25% I would not expect to have trouble finding a mortgage, but with only 10-15% the choice is going to be very restricted.

I would recommend approaching a lender who does not credit score and start by explaining what gave rise to the defaults and IVA and what has changed since then.  You have satisfied the defaults and repaid the IVA early, both positives which combined with your joint salaries, your husbands clean credit and mortgage record should be sufficient to persuade a lender that your troubles are behind you.

I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date and title of your question. They will be able to look at your situation and advise you accordingly.


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.

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