My brother is looking to purchase his house from the council but would struggle to pay it on his own. He has a excellent credit rating. My other brother is interested in purchasing it with him but has a bad credit rating - he now has no outstanding loans or credit card - is there anywhere that would give them a joint mortgage?
Joint mortgage - 1 person with bad credit history
- Thread starter abbie
- Start date
If they can't get one from the normal banks / building societies could try GE Money see [broken link removed] I think they charge about 2% over the nornal rates. You could stay with them for a few years and transfer bank to the normal lenders anfer building up a good track record.
If the bad credit history is over 5 years then he should not have a problem
G
Guest107
Guest
at LEAST 5 years from when he cleared the last loan he went bad on ......not the date of his last badness.
are there judgements or a stubbs entry and from when and when were they satisfied ??
If he missed the first 4 payments on a 4 year loan then it could be 5+ that 4 years = 9 years.
what does his ICB report say , has he sent off for it ???
are there judgements or a stubbs entry and from when and when were they satisfied ??
If he missed the first 4 payments on a 4 year loan then it could be 5+ that 4 years = 9 years.
what does his ICB report say , has he sent off for it ???
I have a couple of friends in a similar situation. One had a poo credit card history but it only amounted to about 6 months of an unpaid bill. They were refused a mortgage by a number of institutions but were approved by a number of others (BOI & EBS) in the end. They recommend honesty as the best policy. i.e. be upfront from the start.
Good luck
Good luck
R
Rebel11
Guest
I am in a similar situation, I have a joint mortgage application in with a broker at present and am awaiting to hear back. My partner missed a couple of credit card repayments about 2 years ago and advised her she could no longer use the card. The debt was cleared shortly after. I haven't checked with the ICB to see if they have a record of this but I'm sure I will know in the next couple of weeks.
My worry is that I cannot wait 3 years to apply for a mortgage again and using one of the lenders that charge higher interest rates may not be an option as money will be tight anyway.
Will the fact that I am the Principal applicant and have a good credit rating have any bearing? and the fact that any other loans my partner had were paid back in full and on time?
Do the banks score you on your collective rating so that if your "good rating" outscores your "bad rating", there should not be a problem??
Thanks
A worried FTB
My worry is that I cannot wait 3 years to apply for a mortgage again and using one of the lenders that charge higher interest rates may not be an option as money will be tight anyway.
Will the fact that I am the Principal applicant and have a good credit rating have any bearing? and the fact that any other loans my partner had were paid back in full and on time?
Do the banks score you on your collective rating so that if your "good rating" outscores your "bad rating", there should not be a problem??
Thanks
A worried FTB
liteweight
Registered User
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Rebel11, your partner should have a credit check done with ICB now. At least you'll know where you stand. I don't imagine her credit rating will be as important as yours but you never can tell. Better to be prepared and able to give a credible answer as to how the black mark arose.
That bad, eh?
