Hi, im after some advice on whether me and my partner can get a joint mortgage even though i have bad credit? Here's the facts -
I have an unsettled CCJ and unpaid debts from credit cards and loans.
CCJ - £9,291
Overdraft - £5,632
Credit Card - £2,249
Loan - £7,169
Payday loan - £632
Payday loan - £528
None of them have been paid since 2017 and i haven't made any contact with them. These debts were due to a gambling addiction but I am now gamble free for just over 3 years!
My current debts are for a car which is £234 a month and a phone for £40 a month
My partner has great credit report with no defaults and only has debts for a loan which is £373 a month and phone which is £60 a month. By the time we would like to buy a house the loan should have about 8k withstanding.
I earn roughly 40k a year and my partner earns roughly 48k a year
We would have a deposit of 25k and are looking to buy a house around the 300k mark.
What are our chances?
Any advice is appreciated. Thankyou
Hi, thanks for getting in contact and providing such a detailed query.
In short I do believe a mortgage will be possible however your options may be dictated by deposit.
Should you apply for a standard mortgage (no scheme) it is likely a 15% deposit would be required however 5-10% may be possible if you were to consider either Shared Ownership or the Help to Buy equity scheme.
Alternatively you could consider a sole application for your partner albeit that means only their income would be considered.