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Joint mortgage- one has bad credit
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Harper2020
1 Posts
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13/01/2021 - 12:01 pm

trying to find best way to get a mortgage whether that be joint or sole application.
1 option is joint application but I have bad credit (prev default,1ccj) partner credit good. Have around 20,000 saved would be looking for house in region of 130-140. However read most lenders focus on applicant with the bad credit.

2nd option would be sole application partner can get 120 on his own but would he be able to use any of the deposit I have saved? How can I gift it and pay half for mortgage/renovations but have some protection is the worst was to happen and needed to sell house? Could a legal document be drawn up to protect me so I don’t pay all that money to one day potentially lose it all! Otherwise it’s going to take much longer for his to save other half of deposit that is needed! Both have good incomes and take in 70k joint. TIA

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157 Posts
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13/01/2021 - 12:02 pm

Hi,

If you’ve not already done, definitely get a copy of your credit file as doing this a joint application is likely to be better advice and the exact detail of
you’re credit file will be critical.

There are high street options that would accept the nature of your gifted deposit as a sole application

Unfortunately the gift will need to be a true gift and therefore trying to protect the money will be seen as a sign that it is not a gift

Good luck

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