Expert Joint Mortgage Advice & Mortgages Suitable For Those With Bad Credit
Let us put you in touch with one of our mortgage experts who will give you impartial advice and help you find suitable joint mortgage products for you even when you have one bad credit.
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Working with leading lenders ...
We work with high street and other lenders so you’ll get access to some the most suitable deals that you may be able to apply for.
Why use us?
From the information you provide to us, our experts will search the market and find the most suitable products for you. If you are happy with the product on offer, we will handle all the necessary paperwork for you, including any relevant applications, to ensure that everything runs smoothly for you.
From just a few minutes completing some basic information, we will quickly search for suitable financial products for you.
We’ve helped thousands of customers secure financial products and service so you know that you are in capable hands.
Reduced stress & time saving
Choosing the right financial product is time consuming and can be stressful, so remove much of this by putting it in the hands of one of our financial experts.
Whatever type of financial product or service you are looking for, our service is reliable and always matched to your own personal circumstances.
Whether you’re looking for Mortgage Advice, Loan Advice or Insurance Advice or any other financial product or service, we can help you…
“Did a great job helping us with our mortgage. I would recommend!”
So ... how can we help?
Buying a financial product such as a mortgage can be the biggest decision made in our lives. It is for this reason that impartial advice is critical from qualified advisors.
Joint Mortgage when you have one bad credit
Our advisers are regularly asked if it is possible to get a joint mortgage when one partner has bad credit. The term ‘bad credit’ can cover a variety of different scenarios and circumstances, so accessing the right advice for your personal situation is not always as easy as it should be.
Getting the correct advice from specialist mortgage advisers, like our team at Finance Advice Centre, can make all the difference when you come to finding the most suitable deal on the market and applying for a mortgage. Contact us today and one of our advisers will be on hand to answer any of your questions and queries and get all the help you need in the mortgage process.
Bad credit that can cause problems for joint mortgages
There are a lot of types of bad credit that can be a sticking point for joint borrowers looking to get a mortgage together. Incomes are being put under increasing financial pressure which means that credit issues that stem from circumstances outside of your control are sometimes unavoidable. Instances of bad credit include defaults, CCJs, late payments, repossessions, and bankruptcy.
If you have a history of bad credit lenders will usually ask for a more detailed explanation of the situation. For example, they may ask if the negative credit event was a one-off or recurring issue, how large the debt was, and if the debt has been repaid or is currently on a repayment plan etc. As well as this, most lenders will want to understand some other factors in your lives before they will make a final decision. These factors are:
- The age of the applicants
- Marital status
- Mortgage term you have requested
- Deposit amount
- Whether the applicants are employed or self-employed
- Currently outstanding credit commitments
It is normal to feel overwhelmed by how much information the lenders will request from you. However, it is important to keep in mind that it is still possible in many cases to successfully secure a joint mortgage if one partner has bad credit.
How do lenders treat joint applications where one partner has bad credit and the other has good credit?
As a self-employed individual, the criteria you are required to meet is not really different from customers in full-time employment, but the way in which your income is assessed will be.
The majority of lenders will want you to provide 2-3 years of accounts or tax calculations. It could be possible to find a provider who will accept 12 months of accounts, depending on how much extra risk your bad credit adds to the mortgage product on offer.
It will help your application if your accounts show steady income during the years they cover, as fluctuating earnings could cause concerns with the provider. If your income is a bit irregular, a strong track record in the industry you trade in could help to offset some of the risk.
Each provider has their own individual criteria and guidelines that they will look at when considering this type of joint mortgage application. The majority of lenders will prefer that both applicants are detailed on the application and will often make their decision based on the credit profile of the weakest applicant. In these situations, the bad credit profile can outweigh the good credit profile and the application could be turned down as a result.
When a credit check is conducted the application will be scored jointly, meaning that potential borrowers are required to meet the lender’s joint credit score criteria before being accepted. There are lenders out there who don’t look at joint credit scores at all, instead searching the credit histories of both applicants to look for any issues that could conflict with their policy guidelines.
Can you leave a partner with bad credit off the mortgage?
Providers will normally want the mortgage application to include the information of both partners who will be living at the property. However, this is not always the case, and some lenders will consider a single applicant as long as they meet the affordability and lending criteria.
Bad credit can have an affect on the ways in which potential lenders view your joint mortgage application. The majority of providers consider applications using a sliding scale and will offer a choice of products with varying interest rates.
Some lenders offer products that are specifically designed for applicants with credit problems and may ask for a larger deposit depending on the types of bad credit you have experienced. Contact Finance Advice Centre today for tailored advice on the most suitable joint mortgage options for you.
As a mortgage is secured against your property, it may be repossessed if you do not keep up the mortgage repayments. Think carefully before securing other debts against your home.
Our approach - and how we do it
We love speaking with our clients. Either give us a call or fill in one of our contact forms. Remember, we love a challenge!
One of our Advisors will then find out what you’re looking to do, discuss your options and answer any questions you may have.
Your Advisor will find the most suitable option for you and help arrange things. You then sit back and relax while we do the rest.
Ready to assist you.
Choosing a financial product or service, such as a mortgage, remortgage, loan or insurance can be daunting and your choice is a decision you need to get right. For this reason, it is vital that you get impartial advice from competent and qualified advisors. Whether you are a first-time buyer, looking to remortgage, hoping to remortgage or even buy a property to let, needing a loan or insurance this is where our advisers excel.
Be reassured that our aim is to guarantee reliable financial advice appropriate to any individual that makes contact with us. Through our network of contacts, we have access to thousands of financial products, from mortgages to loans to insurance, so we are confident that we’ll find one to suit you.
See what our customers think ...
I would highly recommend the mortgage advice service Alice Hale was amazing throughout she is a credit to your organisation and helped us secure our dream home
We had a long journey buying our first home together and recent pandemic events didn’t help matters. Every step of the way, our advisor Steve was supportive, positive and we had every confidence in him. He was able to arrange a good deal for us and we were able to move into our dream house this autumn.
I used George from the finance advice centre to get my mortgage, and he was nothing but amazing! Talked me through every step, always easy to get hold of ! And got me a brilliant product I would highly recommend him, just brilliant 5 stars from me
What a Fantastic Service from start to finish. Great customer support from Ben Patten & Joe Frayne, superb product knowledge and exceptionally responsive to emails/calls, we can 100% recommend the Finance Advice Centre Ltd , they got us a great deal on a mortgage with suited life insurance, especially during this very difficult Covid 19 time ……
From start to finish, Greig and Emily were very helpful with our mortgage application. The advice Greig gave us was very clear and informed. They were always available either by phone or email to answer any questions we had. The whole process was made a lot easier because of the work they did. Would thoroughly recommend
Let us do the work of finding your mortgage
We’ll put you in touch with impartial advice from an expert mortgage advisor who will help secure you the most suitable joint mortgage products available.