Joint Mortgages With Bad Credit

Introduction

 

Even with a good credit score, getting a mortgage can take much effort. But what if you plan to purchase a property with someone whose credit history is much worse or better than yours, or if both of your credit histories could be better? Then what? How are applications for a shared mortgage affected when one applicant has poor credit?

 

Getting A Joint Mortgage With Bad Credit

 

Various factors, such as bankruptcy, CCJs, and late payments on a credit agreement, can cause a bad credit history. Regardless of the reason, if you are contemplating applying for a shared mortgage, how much would one or all of the borrowers’ credit scores affect the application’s success?

 

First, understand that credit history is one of many factors a lender will consider. They will also consider how much of a monthly payment you can comfortably make on your mortgage. It’s possible that qualifying for a mortgage with a spouse or partner will improve your ability to pay back the loan, as your combined income will likely be larger, and the whole adage that “two can live as economically as one” isn’t entirely without merit.

 

A lender will verify each borrower’s credit, though, and will likely be less willing to work with you if any of you have a terrible credit history. There is yet hope, however. Because not all lenders utilize the same criteria, a person’s poor credit significantly impacts some lenders’ decisions more than others. A professional poor credit broker, such as those at Mortagagekey, can guarantee that your application is sent to lenders who are most likely to understand your situation.

 

A professional mortgage will also assist you in applying to the proper lender by examining the cause of poor credit in greater detail. For instance, some lenders have various requirements for borrowers with CCJs below a specific amount or apply various limits to bankrupt customers.

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