applying for mortgage with partner but I possibly have a poor credit history farmer1985

#1
Good Evening.

Myself and my partner have had an offer on a house accepted. My partners income is 66k a year. I work part time for £19 pro rata. We have a child together. This will be our first property together (other than renting for 8years) however I have a poor credit history from being at university and then silly things over the last 10 years. Mainly things like phone bills paid late (over 10 years ago) I have also had a £1650 overdraft for about 10 years now which I have recently reduced to £650. I have on several occasions over the last couple of years gone over my overdraft limit only usually for the day but as recently as December 15. And I have 2 storecards each with a balance of£900 but I pay these monthly. I think I have had 1 or 2 late payments over the last probably 4 or 5 years. But it's the overdraft that is causing me concern as it's been there for such a long time and I've always been in the overdraft even after I'm paid I would still be in the red until recently when we paid a lump sum of £1000 in to it.

I am wondering if it would be better for my partner to apply for the mortgage in his name only?

The deposit will be coming half from his business account and half gifted from his parents.

We do however have a joint bank account that our bills are paid from. We have never missed a rent or utility bill payment. No ccj's or bankruptcies/IVA'S. My partners credit score on experian is 996.



I have never actually been refused credit. I am always given mobile phone contracts with no trouble and I bought a sofa on credit a few years ago but obviously realise a mortgage will be quite different.

I'm not sure whether im over panicking and to just bite the bullet and do it in joint names and hope it goes through okay or to let him do it in his name. He can easily get the mortgage amount we need, however I would be worried about my legal rights to the property if we were to split. We aren't married yet however we have a small child which is why

I only work part time.

Sorry for the long post. We have a meeting with our mortgage broker tomorrow evening and I'm getting really nervous about them putting it through in joint names and being refused then losing the house or it affecting my partners credit score.



Do you think it sounds like my finances and odd late payment/overdraft would stop a mortgage application being accepted?!



Any advice appreciated.

Thanks

#2
Discuss the matter in detail with the mortgage broker. They are best placed to advise you.



When you say






The deposit will be coming half from his business account


Is your partner proposing to borrow from his own business?

#3
No need to panic.



Talk to your broker tomorrow, take a copy of your credit reports and let them assess the situation.



The broker is on your side remember, so tell them what your concerns are and they'll advise accordingly.



Good luck

#4
Thank you.



Yes he works full time for a company but also has a small consultancy business online that has money surplus to his normal earnings and we have left alone to use for the deposit. All of the business accounts/tax have been paid up to date on his business account.



I assume when we see the mortgage broker later today that he will be doing full credit searches on both of us at this time? I really want to be on the mortgage as don't want to risk losing any rights to the property.

A friend has mentioned that I can still be equal owner of the property on the deeds even if the mortgage is only on his name. As well as wills still being as if we were joint owners.



I was hoping I would hear from someone that has been in a similar position and still had a mortgage accepted. I don't actually know what my credit score is. I know it sounds a little silly but I'm reluctant to check it. :/

#5
The broker more than likely won't conduct a credit check themselves, they'll take a look at your credit reports and decide which lender you're likely to fit.



If they were to apply for a Decision in Principle from a lender that would involve a credit check.

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