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  • FIRST POST
    • sammy70
    • By sammy70 8th May 13, 9:23 PM
    • 366Posts
    • 935Thanks
    sammy70
    advice on mortgage app with past credit problem
    • #1
    • 8th May 13, 9:23 PM
    advice on mortgage app with past credit problem 8th May 13 at 9:23 PM
    hi, has anyone got advice for my partner and myself, heres the facts-
    My partner, soon to be hubby and i are wanting to to buy a house together, but he has past credit problems.
    Basically, he divorced in 2010, and was left with all marital debt, 45k, his ex wife and new partner kept the marital home, on the agreement that the mortgage was paid on time and when they were in a position to, his ex and her new partner would re-mortgage in their name and my partner would be removed.

    As my partner was at the time struggling to manage as he was paying all the debt alone aswell as a large ammount in maintainence,and at the time half of the marital mortgage, he asked for advice from the then CCCS, now Step change, and was advised to enter a debt management plan, which he did, and an amount of £950 a month was agreed, which he stuck with. While it was all being set up, two of the credit card/ loan companies registered defaults.

    He met me, and we both did overtime, used savings, reclaimed his ppi, and worked damn hard for last 18 months and completely settled all the 45k debts , he came off the debt management May last year, and the last debt was paid September 2012.

    Unfortunately his ex had carried on as she did when he was with her, continued running up her debts, and decided to have a few exotic hols , get married abroad, instead of paying the mortgage. last year after the missed mortgage payments got to 5 months, my partner was forced to take legal action to force the sale of the property, as she refused to bring the mortgage up to date, he tried every avenue, but his ex and new hubby just couldnt see why they should pay the mortgage on time, and had no intention of remortgaging together, and after they had missed so many payments it wouldnt have been an option anyway.

    The sale was forced by the court, and completed in February 2013.

    So now we are saving £1200 a month for a deposit on a new house, we currently live in a property i own, worth £95-£100k with an outstanding mortgage of £42k.
    We earn £55k jointly, and have no debt at all.

    My query is, due to all the above factors, what timescale are we looking until its worth applying for a mortgage? i know its not going to be soon, and also what steps should my partner take to improve his credit rating?
    Is it better to keep our accounts seperate, or would adding to my accounts improve his situation, or make my credit rating poor?

    sorry for the long post! hope someone can advise or help , any constructive advice welcome, thank you!
Page 3
    • sammy70
    • By sammy70 14th Oct 16, 7:37 PM
    • 366 Posts
    • 935 Thanks
    sammy70
    What a week!
    Our mortgage offer arrived in the post today.

    I can honestly say I never believed we would get a mortgage with Halifax, they have offered us a great rate, we have a brilliant mortgage broker, he went through all the history regarding my husbands divorce issues, and obviously Halifax could see we are great with our financial dealings, so all our hard work has been worth it
    current end date of mortgage= 2037
    mortgage balance start of challenge- 1/12/2016 -£245,695 25/11/16
    overpayments for 2016=
    total overpayments =
    emergency fund = £200
    balance of mortgage currently = £245,695 25/11/16
    • ap1985
    • By ap1985 17th Oct 16, 12:02 PM
    • 265 Posts
    • 106 Thanks
    ap1985
    Our mortgage offer arrived in the post today.

    I can honestly say I never believed we would get a mortgage with Halifax, they have offered us a great rate, we have a brilliant mortgage broker, he went through all the history regarding my husbands divorce issues, and obviously Halifax could see we are great with our financial dealings, so all our hard work has been worth it
    Originally posted by sammy70

    Congratulations on your mortgage offer...
    Finally going to be a homeowner
    • sammy70
    • By sammy70 18th Nov 16, 7:58 PM
    • 366 Posts
    • 935 Thanks
    sammy70
    We have our forever house!!!!
    We exchanged contracts today, we have our lovely forever dream house signed and sealed

    We are so happy, the last few years saving and rebuilding my husbands credit rating have been so worth it

    This is my last post on this thread, this is our happy ending , heres to a long happy new life for us in the countryside ! (and lots of mortgage overpayments as soon as I get organised, I wont rest till we are mortgage free!! ) xx
    current end date of mortgage= 2037
    mortgage balance start of challenge- 1/12/2016 -£245,695 25/11/16
    overpayments for 2016=
    total overpayments =
    emergency fund = £200
    balance of mortgage currently = £245,695 25/11/16
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