Joint mortgage application - wait or apply now

B

BlueBlueBlue

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Hi all, I would appreciate some thoughts on a joint mortgage application.

My partner and I would like to apply for a joint mortgage. We both have permanent jobs, strong savings record, in a position to target 80% LTV. We had a broker, but they were reluctant to go ahead with an application due to my partners credit history - a revoked credit card from a couple of years ago for 100e (fully cleared now).

We are unsure if we should apply for a mortgage now and risk rejection or wait until the credit report is clear. If we apply now, and are rejected on the basis of the revoked card, could this stand against us in the future even if the credit report is clear (banks will ask if previous applications were declined)? On the other hand, is a revoked card a hard no for approval when other factors are positive (strong savings, permanent jobs etc).

Any thoughts appreciated.
 
Card was written off summer 2015, repaid just over a year ago when we saw the ICB report, didn’t know that it had happened until then. Thanks
 
BlueBlueBlue said:
Hi all, I would appreciate some thoughts on a joint mortgage application.

My partner and I would like to apply for a joint mortgage. We both have permanent jobs, strong savings record, in a position to target 80% LTV. We had a broker, but they were reluctant to go ahead with an application due to my partners credit history - a revoked credit card from a couple of years ago for 100e (fully cleared now).

We are unsure if we should apply for a mortgage now and risk rejection or wait until the credit report is clear. If we apply now, and are rejected on the basis of the revoked card, could this stand against us in the future even if the credit report is clear (banks will ask if previous applications were declined)? On the other hand, is a revoked card a hard no for approval when other factors are positive (strong savings, permanent jobs etc).

Any thoughts appreciated.
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Hi there, can I ask how you got on? Pretty much in the same position.

- good earnings between myself and husband
- savings good
- husbands credit record is spotless
- my credit rating, revoked credit card in 2017. I wasn’t living in Ireland and did realise . I had the cc for 10 years and in the last 2 years I was away abroad I missed payments and card revoked. Paid off in full . It was 447 euro.

Any advice? So gutted- work so hard and my foolishness has paid the price. Take full responsibility but just wish they taught this stuff in schools!

Any advice would be really helpful
 
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