Applying for Mortgage with wife - bad credit rating

murphym7

I am about to apply for a mortgage with my wife for our first home. My wife's credit rating is perfect and mine is a bit shady with a few missed credit card payments, far from perfect.

My question's are: will the joint mortgage application be denied because of my bad credit rating?

Will the amount loaned be based just on my wife's salary?

Will the amount loaned be based on my wife's salary and a reduced amount based on my salary (taking my credit rating into consideration)?

One more question (sorry!) Are there still mortgage providers giving mortgages to people without perfect credit ratings?

Thanks for any help you can give me.

tHE vAGGABOND

At the very least have VERY good answers and proof if necessary on hand as they will ask you about each bad mark on your rating.

eth0_

TBH they'll probably offer you far less than you are expecting - if you can find a lender at all. And even then it'll be at a higher interest rate than normal.

Now is not the time for someone with a bad credit rating to be taking out a mortgage.

Try and build up your rating by getting some stuff on interest free credit from places like Currys.

Zamboni

Credit Rating records only go back five years.
If you were clean in that period you're fine.
Either way get a copy of your rating so you know exactly how you're fixed.
All these things are fixable.

the_syco

murphym7 wrote: »

Are there still mortgage providers giving mortgages to people without perfect credit ratings?

Read the small print, as there are often scumbags who will take on anyone, not caring how bad they are, but who will charge an excessive amount.

As said already, get a credit report to see where you went wrong. It'll cost €6 http://www.icb.ie/cr_options.php

Kipperhell

Missing a credit card payment a few times really shouldn't effect your credit rating AFAIK. Have you paid off your debits or do you still have a load?

murphym7

Kipperhell wrote: »

Missing a credit card payment a few times really shouldn't effect your credit rating AFAIK. Have you paid off your debits or do you still have a load?

I have had a few personal loans that I have cleared without missing any payments. Have a small credit card balance that I now pay direct debit.

eth0_

Oh if it's just a few missed/late credit card payments it almost certainly won't show up on your credit rating. You'd have received a letter demanding payment 'or your credit rating will be affected' before that would happen.

Get a copy of your credit rating just to be sure.

murphym7

Thanks a million everyone, I have never received a letter like that about credit rating being affected. I will get a credit rating.

emken

murphym7 wrote: »

Thanks a million everyone, I have never received a letter like that about credit rating being affected. I will get a credit rating.

Hi, just wondering if you went ahead and applied and what the results were, I am in a similar situation and am very nervous about applying. Thanks

AARRRGH

Kipperhell wrote: »

Missing a credit card payment a few times really shouldn't effect your credit rating AFAIK.

It depends on the credit card company. For example, missing an AIB payment won't go on your credit report, whereas missing an MBNA one will.

murphym7

emken wrote: »

Hi, just wondering if you went ahead and applied and what the results were, I am in a similar situation and am very nervous about applying. Thanks

I haven't mustered the courage to do it yet. I am fairly good at putting my head in the sand. I need to cop on a bit.