If I want to get a joint mortgage and I have a good credit rating but my partner does not, will this mean that a lender would not consider us?
2006-06-30 22:22:28 · 9 answers · asked by chazza 2 in Business & Finance ➔ Personal Finance
my brother has poor credit but his girlfriend doesn't.
their bank has put their mortgage primarily in her name and him as second. it has affected how much they can borrow because he has the greater wage and it has not been taken into account.
unfortunately they can't buy a house at the amount they have been offered, so I'd say it all depends on your earning capacity.
2006-07-04 23:39:36 · answer #1 · answered by tuppassister 4 · 3⤊ 1⤋
You will be able to get a mortgage but probably not from a high street lender. You'll probably have to go through one of the companies that charge a higher interest rate. It's still worth going to your bank or building society before trying elsewhere.
2006-07-01 02:38:01 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It depends exactly how bad your partner's credit history is, and how much money they currently owe.
They might ignore a few late payments but will deduct any monthly repayments from their contribution to lending multiplier, lowering the amount you can borrow as a couple.
A poor credit history can be better than no credit history at all sometimes, so just keep them on the straight and narrow for a few months, and try to put together a modest deposit (min 5%) to avoid any Mortgage indemnity fees.
2006-06-30 22:31:01 · answer #3 · answered by 'Dr Greene' 7 · 0⤊ 0⤋
Why would you want to enter into a massive commitment of a Mortgage with someone who has a terrible credit rating?
Use your brain, don't do it! You know how bad they are with money, don't let them screw up your credit rating as well!
Get a new partner, not a new mortgage!
2006-07-01 19:44:33 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Not necessarily. Obviously it will depend on several things but book an appointment with a lender and have a chat. You are not obligated to go with that lender, but it will give you an idea.
2006-06-30 22:37:15 · answer #5 · answered by Nneave 4 · 0⤊ 0⤋
I think it will depend whether you are the main income on the mortgage application. Shop around for the best deal and interest rate, there are many deals on offer out there
2006-06-30 22:36:30 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Buy the house in your own name and put your partner on the mortgage in six months time.
2006-07-01 11:02:51 · answer #7 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
try halifax . also helps if you have good deposit to put down. speak to a financial advisor;they helped us.lot of banks/building societies wont touch you though.interest rate will be higher too
2006-06-30 23:24:42 · answer #8 · answered by Anonymous · 0⤊ 0⤋
There is some good advice here.
2006-06-30 22:26:18 · answer #9 · answered by Anonymous · 0⤊ 0⤋