Chances of Getting A mortgage

[stressingout]

Just wondering if any one has any advice on my current situation. My boyfriend has a joint mortgage with his sister, bought in 2005 for 330k, they have currently 210k left on the joint mortgage, house only worth 160k/170k so no chance of selling. my boyfriend earns 50k a year I earn 30k a year. I have a bad credit rating 4 missed payments from when i took ill last year. Loan is now paid of in full but report shows 4 arrears missed payments this stays on file until 01st Feb 2017. I have savings of €10k and boyfriend has savings of €65k. what if any in this climate is a chance of getting a mortgage for approximately 250k, i m hoping to have another 10k saved by the end of 2013. or is there any hope my boyfriend could get it on his own if we fail due to my rating. thank you for taking the time to read this post.

 

[Macstuff]

Im GUESSING that your missed payments will go against you. If I am right then maybe your boyfriend could make the application in his own name, i.e. he could use some of his savings to clear the negative equity (ie 25k) and then use the balance, plus your savings as his deposit and make the application based on his own merits.
That's probably not ideal, Im guessing? Maybe approach a mortgage broker to learn of the options available for your situation?

 

[LDFerguson]

In my opinion, the only way of buying a new property is to use the savings to clear the negative equity, sell the existing house, clear that mortgage and then your boyfriend applies for a new mortgage in his own name. With a bad credit history, you're not going to be accepted. Even though he's only a joint name on the existing mortgage, most lenders will count the full mortgage as a liability of his own, so it will pretty much scupper his chances of getting any realistic amount while it's still there.