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Getting a shared mortgage after a Consumer Proposal

I did a Consumer Proposal and was able to pay it off in full in 6 months by selling my house. My boyfriend and I want to sell his house and purchase a new home together. I have a secured credit card, continue to make my car payments and have money in the bank. Will I be able to be included in the mortgage?

Posted from: Ontario

One Response to “Getting a shared mortgage after a Consumer Proposal”

A licensed trustee said...

It will likely depend on how long ago you paid off the proposal. Most mortgage companies will not approve you for a mortgage in the first two years after you have completed a proposal. In your case, since you are applying as a co-borrower, that period may be shorter.

Before you go “house shopping” go and speak to the bank for a pre-approval on the mortgage. That way you will know how much house you can afford and what the costs will before you make any offers.