Can I Get a Mortgage With Bad Credit If My Partner Has Good Credit

Can I get a mortgage with bad credit if my partner has good credit

If I have bad credit and my partner has good credit, what are my mortgage options?

A partner with good credit does not necessarily increase your chances of securing a mortgage loan. An applicant for a joint mortgage loan will have their credit scores reviewed by the lender.

If your application is accepted, you will likely be charged a higher rate of interest if your partner has an adverse credit history. This is because the lender perceives a higher risk of lending to someone with a bad credit score, even if the other partner has a good credit score.

If you are considering this type of joint application, you may want to speak with a professional mortgage adviser first. You can get expert advice from a professional intermediary on how to proceed with your mortgage application and find the lender with the best deal using their expert knowledge of the whole market.

Whole-of-market brokers can also access mortgages provided by specialist lenders. An adviser may also be able to help you present your case to mortgage underwriters if you or your partner have a legitimate reason for an adverse credit history. 

If you've been considering a solo mortgage for your partner with a good credit history, you may be able to increase your chances of getting approved or reduce your interest rates. While you are free to do so, a lender will only consider the income and assets of the solo applicant when calculating your affordability, so this option may not be suitable if you are relying on your combined income to repay your loan. 

If the applicant's income isn't sufficient to qualify for a mortgage, it may be better to seek one from a less risk-averse lender. Although high-street lenders have become increasingly reluctant to lend to borrowers with poor credit scores, securing a mortgage is still possible. Smaller lenders offer mortgage products specifically designed for borrowers with poor credit histories.  

Due to the increased risk posed to the lender, rates and arrangement fees are higher than those available to couples with excellent credit scores; however, a larger deposit can help negate these costs.  

As your mortgage is such an important transaction, good advice is imperative. 

Independent Advice

If you are not sure what your bad credit mortgage options are speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464