Hi all,
We are seeing a mortgage advisor on Thursday and getting the bf's experian reports tonight to take with us, however impatient me is looking for a bit of info prior to this -
In summary we are looking at buying a house for £180k, I have good credit history and the bf has bad but not terrible.
The bad credit is made up of arreas to his mortgage to the tune of £900, the payments had been missed around 2 years ago but in his infanant wisdom he decided not to pay them until I made him in December 12.
Seperate to the arreas, the mortgage payments have been made in full and on time for at least the last 18 months.
He had a loan from the bank that was settled in December.
He has a small credit card debt (circa £500 i think) which he has paid i think £10 a week regularly for a good couple of years (i know this is fruitless in terms of paying the balance off but I am picking my battles!).
He always pays his phone bill but up until December it was only when they cut him off, (he had the money buy just was useless as managing it :mad:)
Anyway, he doesn't think he has any ccj's or defaults (this is why we are getting his experian report tonight to confirm), however on the whole his credit rating is prob not the best as due to missed / late payments and the arreas.
I have essentially took over everything for him since December, and now everything is paid on direct debits and he is saving etc etc. The plan was to wait for about 2 years to allow some decent repair to be made to his credit file and build up his savings more - however now having seen this house we are wondering that combined with the fact i have a pretty decent credit rating and we (well I) have a sizeable deposit we may be able to secure a mortgage.
I was wondering if any of the mortgage advisor's on here could give general advise regarding what sort of % deposit we would need to put down to gain a mortgage under these circumstances.
Affordability will be no problem and going forward I am managing all the money and direct debits so there is no chance of any repeat offences on his part.
Also would my good credit sort of balance out his bad credit and put us somewhere in a middle ground?
Would be grateful for any advice or indications?
Thanks
We are seeing a mortgage advisor on Thursday and getting the bf's experian reports tonight to take with us, however impatient me is looking for a bit of info prior to this -
In summary we are looking at buying a house for £180k, I have good credit history and the bf has bad but not terrible.
The bad credit is made up of arreas to his mortgage to the tune of £900, the payments had been missed around 2 years ago but in his infanant wisdom he decided not to pay them until I made him in December 12.
Seperate to the arreas, the mortgage payments have been made in full and on time for at least the last 18 months.
He had a loan from the bank that was settled in December.
He has a small credit card debt (circa £500 i think) which he has paid i think £10 a week regularly for a good couple of years (i know this is fruitless in terms of paying the balance off but I am picking my battles!).
He always pays his phone bill but up until December it was only when they cut him off, (he had the money buy just was useless as managing it :mad:)
Anyway, he doesn't think he has any ccj's or defaults (this is why we are getting his experian report tonight to confirm), however on the whole his credit rating is prob not the best as due to missed / late payments and the arreas.
I have essentially took over everything for him since December, and now everything is paid on direct debits and he is saving etc etc. The plan was to wait for about 2 years to allow some decent repair to be made to his credit file and build up his savings more - however now having seen this house we are wondering that combined with the fact i have a pretty decent credit rating and we (well I) have a sizeable deposit we may be able to secure a mortgage.
I was wondering if any of the mortgage advisor's on here could give general advise regarding what sort of % deposit we would need to put down to gain a mortgage under these circumstances.
Affordability will be no problem and going forward I am managing all the money and direct debits so there is no chance of any repeat offences on his part.
Also would my good credit sort of balance out his bad credit and put us somewhere in a middle ground?
Would be grateful for any advice or indications?
Thanks