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Mortgage advice needed!!! samla

Posted: Wed Mar 08, 2017 2:05 pm
by shaffert
Myself & my partner are looking at moving house. My partner currently has a mortgage on our existing property. I have never had a mortgage. We are concerned that my partners poor credit rating will affect our chances of getting a mortgage, the main reason she had an IVA in the past which finished in May 2015. We are going through the process of clearing all my partners arrears in the hope of increasing her credit file. My credit rating is good, although for the amount of money we wish to borrow I wouldn't be able to do it on my own. We anticipate we will have around 20k of equity in the current property to use as a deposit for the new house. We are looking at houses in the region of 180k.



Another factor concerning us is that I work in the gambling industry, & with being in that industry I am a recreational gambler. I have heard that lenders aren't keen on lending to people who gamble. However, I am not an average gambler. I always keep track of how I am performing, & over the last 18 months I have been doing it, I have made profit every month & have made more money than I make from my actual job.



Given all the above factors, I'd appreciate it if someone can advise us on the best course of action. Also which lenders are most likely to accept us given the circumstances. Reason for asking is that I've read that applying with several lenders can have a negative effect on your credit file. We have been to speak with an estate agent broker, however they asked for £500 upfront which I thought was a bit excessive!



Thank you

Sam

Posted: Thu Mar 09, 2017 1:38 am
by aliaalias



We are going through the process of clearing all my partners arrears in the hope of increasing her credit file.
Originally posted by samla


Arrears of what?

Posted: Thu Mar 09, 2017 6:27 pm
by shaffert
She had built up arrears of approx 2k on her gas/electric bill & also her current mortgage by missing a payment. These were from approx 5 years ago, but should be cleared in the next week.

Posted: Fri Mar 10, 2017 8:17 am
by lucoatom
An IVA recently and 10% deposit does not mix.



You will need more time or much more deposit.

Posted: Fri Mar 10, 2017 6:28 pm
by Jereminer
A mortgage lender don't look at the profit you are making they will just see you as a gambler so I would stop that straight away. I don't think working in that industry would go against you.definately get your credit report in order as it will show last 6 years on Experian. Make payments on time and go with a good broker which knows lenders well. They shouldn't take any money upfront either until they have secured the mortgage for you.

Posted: Sat Mar 11, 2017 10:11 am
by majnkraft
Stop gambling from now until you get round to applying for a mortgage, lots of withdrawals to gambling sites is very bad for mortage applications

Posted: Sat Mar 11, 2017 3:20 pm
by charlena



Stop gambling from now until you get round to applying for a mortgage, lots of withdrawals to gambling sites is very bad for mortage applications
Originally posted by glentoran99


if they have been making money there should be none you keep your stake money within the system.

Posted: Sun Mar 12, 2017 1:10 am
by majnkraft
Then it wont be an issue

Posted: Sun Mar 12, 2017 7:04 am
by aliaalias



A mortgage lender don't look at the profit you are making they will just see you as a gambler so I would stop that straight away. I don't think working in that industry would go against you.definately get your credit report in order as it will show last 6 years on Experian. Make payments on time and go with a good broker which knows lenders well. They shouldn't take any money upfront either until they have secured the mortgage for you.
Originally posted by Alifrust33


This thread has been inactive since last October. Worth checking before posting.

Posted: Sun Mar 12, 2017 9:33 pm
by Jereminer
Many people read old posts for advice so it doesn't really matter. Just trying to help the guy!!