Posted on 4 September 2012 by Sharon
I have poor credit, i am currently on a payment plan for a loan which will be paid in full within 6 months, i also did have a payment plan for a credit card which has just come to an end and i am now making full payments to evey month. I currently have a mortgage in my sole name never missing a payment but i am hoping to move house and take a mortgage in the joint names of myself and boyfriend with the same mortgage company that my mortgage is currently with, is it likely that we will be accepted ?
As with any new mortgage application your lender will carry out a new credit check and your payment plans will be revealed. Depending on who your lender is this could lead to your application being declined without further question.
The only way to be sure is to make an appointment to see their local mortgage adviser and ask them what their policy is? Ask them if it makes a difference whether you are borrowing the same or more than at present and whether or not the amount of deposit you are able to put down will influence their decision. If your boyfriend has a good credit file, the amount you are borrowing is a smaller multiple of your joint earnings than your sole mortgage is now and the overall loan to value is the same or smaller the lender will be in a better position than they are now and you have a very good case for them to accept your application.
If your local branch adviser says that they will not accept a new application, it is always worth speaking to an independent mortgage broker who will have their own contacts in a separate part of the organisation and who may be able to get your application accepted.
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