Joint Mortgage Bad Credit
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Joint Mortgage Bad Credit
James Bull talks to us about joint mortgages and bad credit.
Can you get a joint mortgage if both or one applicant has bad credit?
Yes, you can absolutely get a joint mortgage. The key point here is that it’s the bad credit that’s going to affect the mortgage.
If one applicant has good credit and one applicant has bad credit, you’ll need a lender that will accept the bad credit. It’s going to end up being a bad credit mortgage because of that.
What types of bad credit affect a joint mortgage application?
There are many, but your credit report goes back for six years and covers all forms of credit – mortgages, unsecured debts, credit cards – even utility bills and things like your broadband and mobile phone contracts.
Any missed payments, defaults, county court judgments (CCJs), Individual Voluntary Agreements (IVAs), debt management plans, bankruptcy… all of those would fall into the category of bad credit.
Are there specific lenders who deal with joint mortgages with bad credit?
Yes, there are quite a few lenders. It really depends on the specifics of the bad credit. Just to name a few, there are lenders like Aldermore, Kensington, Precise, West One, The Mortgage Lender and Together.
We work with them all, so we can find the best one for a client’s circumstances [Lenders correct at the time of recording in March 2025].
Does being married make a difference when applying for a joint mortgage with bad credit?
It does to a certain extent, yes. If one of the parties has bad credit, some lenders would insist that the mortgage has to be in joint names. Other lenders don’t insist on that, but in most cases if one person has bad credit, the mortgage must be joint.
Can I still get a joint mortgage if I have had previous bankruptcy or repossession?
You can absolutely get mortgages in those circumstances. We’d ask for the specific details and request credit reports for both clients. It’s mostly about the dates, whether or not the issue has been discharged and how long ago. Those are the main criteria.
For the vast majority of lenders that accept this, the bankruptcy needs to have been discharged for three years. Having said that, we do have lenders that may even accept it on day one, subject to everything else being okay.
What if I’ve been declined for a mortgage with bad credit previously?
We hear from many clients who have been declined by a high street lender because of bad credit. Some have even spoken to another broker and been declined.
But at our end, that’s no problem. We’ll speak to everybody and take everything from scratch. We look at it with a fresh pair of eyes and make recommendations on that basis.
What if I’m a First Time Buyer and have bad credit? Will this affect me getting a joint mortgage?
It’s just the same for a First Time Buyer as anyone else with bad credit. We’d just get a copy of your credit report, find out the specifics and make recommendations on that basis.
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Everyone’s different. You might be self-employed. You might have some credit history issues – whatever your situation, we will find the most suitable product available to you from across the whole market.
Do we need a larger deposit for a joint mortgage with bad credit?
It depends on exactly what the bad credit is. If it’s something minor and historic, we may have lenders that will accept a 5% deposit. If it’s larger and more recent, it might be a higher deposit than that – perhaps 10%, 15% or even 25%. We would need to see a client’s full credit report to answer that question.
What is the minimum credit score required for a joint mortgage with bad credit?
There’s no specific score. There are three different credit reference agencies and they all offer different credit scores. Mortgage lenders then have their own internal score, which is different again.
It’s more about the specific details in the credit report – the amounts, the dates and whether or not things are satisfied. That’s what will determine whether you can get a mortgage; it’s not just the credit score.
Can we use a guarantor for a joint mortgage if we have bad credit?
There are guarantor options available for people with bad credit. But nine times out of 10, we can arrange a mortgage without looking at guarantors. It’s there as an option if needed.
How long do I have to wait after improving my credit score before applying for a joint mortgage?
The timing does make a difference. Your credit report actually goes back for six years, so any bad credit today is going to affect you getting a mortgage for the next six years.
The only thing really that’s going to improve your mortgage options is time. As a broker, we typically explain what you can have in terms of mortgages now and if you wait. You might decide to come back in the future, in which case we can tell you how long to wait and what difference it will make.
What else do we need to know about joint mortgages with bad credit?
If anyone wants us to look into this for them, just get in touch. We recommend using Check My File for credit reports, so use that and send us a copy. We’re happy to make recommendations and we deal with cases like this every day. So just give us a call.
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