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Joint mortgage with bad credit
1 Posts
16/11/2021 - 2:38 pm

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

101 Posts
16/11/2021 - 3:56 pm

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.

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Your home may be repossessed if you do not keep up repayments on your mortgage.