House

[Aley009]

I'm sorry if this isn't the right section but would love some answers? I'll cut it short basically me and my partner really want a mortgage we both work and have rented for the past 4 years and never missed nor been late with a rental payment however one of our credit ratings isn't good and I know this can effect chances. Can just one of our names be put on the mortgage? We have a 7 month old and would love a nice family home the house we are in Are putting the rent up and we know we can get better for the amount they want with a better garden for our boy , any one know?

[PeppermintPasty]

Yes of course one person can take the mortgage out, but the mortgage company would assess only on that person's income etc, so that would affect the amount that you could borrow.

If you are not married you should get some advice however. It's not wise to go into something like this without seeking advice. Ask your financial adviser or ideally, your property solicitor if you have one.

[Cabrinha]

Peppermint has it covered, be very careful about protecting contributions and assets as you're not married. Easy to do, legally, if you sort it out up front.

You may struggle to get a mortgage on one income, but in theory you can.

First step, go to see a mortgage broker for advice on mortgages. They'll help you work out whether you need both salaries, and if so - which lenders will consider you both with one poor rating.

In the meantime, get information on improving credit rating.