remortgaging joint loan but one person has bad credit

hi all , this is my first time using this site, i have read through alot of the advice and found it very good and helpful but i could find what i need exactly so i hope someone can give me some feedback.

Myself and my partner and thinking of selling our joint owned house and buying a bigger house we have a 2 bed house now but need a three bed as we have twins (one boy one girl ) who are turning 3 soon and will need a bedroom to themselves, but the problem is my partner has bad credit and has only finished paying off the loan, so do you know if we would be able to get a mortgage because of this, any advice would be gratefully appreciated

thank you

rosandang

how bad ?

when did the credit record get impaired as in years payments were missed in ?

did they get made within a month of the due date anyway or was it later ?

have you done an ICB search ??

it was 1500 over one year

credit union, finance company , cc , bank loan ?

hi 2pac it was for hire purchase of a computer, (its ended up costing him nearly 4500)

hmm

GE or the like would inform the Irish Credit bureau where a credit union would not always

Better do the search, if the story is good ask to put a note about it the credit bureau record.

I see that the banks are getting worried .....nay paranoid.......nay rational ........todays indo

http://www.unison.ie/irish_independent/stories.php3?ca=9&si=1615201&issue_id=14049

[FONT=Verdana, Arial]Missing one hire-purchase payment on a TV can be enough for the banks to reject a home loan applicant.[/FONT]

Click to expand...

I wouldn't worry overmuch at this first sign of rationality in the banking system . It is indicative of the laxity in lending policy that caused the bubble in the first place.

Do not go near sub prime lenders, ie the ones who will lend to you at 5% when the normal rates are 3.5% simply because you missed one payment on the telly or the credit card. Its not worth the hassle long term.

Hate to sound pessimistic but at the moment most lenders are extremely tight. Your own bank might be a big more lenient. (Probably not if that is AIB).

when did this tightness start ????