We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Mortgage still in single name!
Mrs_Hoppy
Posts: 1 Newbie
Hi,
I took out a 2 yr fixed rate mortgage on a house in my name nearly 8 years ago. When it finished, I let it slide onto a tracker mortgage as interest rates were tumbling.
In those 8 years, I have met a man, got married, had 3 kids, been made redundant from my job and gone self employed!
My husband doesn't have a great credit score. He's not got any court summons etc..but he has, in the past, missed credit card payments and racked up an unapproved overdraft.
I want to remortgage for possibly two reasons:
a) just to get a better rate
b) possibly release some equity (my mortgage it about 40% of the value of the house) to do renovations.
my quandries are..what will happen if they do a credit check on me, see I'm linked to the hubby (we have a joint bank ac) and his poorer credit score and then say they don't want to lend to us..will they stop our current mortgage too?!
We are both self employed, with lower incomes, what are our chances of actually finding a mortgage?!
We've never missed a mortgage payment.
Thank you!
I took out a 2 yr fixed rate mortgage on a house in my name nearly 8 years ago. When it finished, I let it slide onto a tracker mortgage as interest rates were tumbling.
In those 8 years, I have met a man, got married, had 3 kids, been made redundant from my job and gone self employed!
My husband doesn't have a great credit score. He's not got any court summons etc..but he has, in the past, missed credit card payments and racked up an unapproved overdraft.
I want to remortgage for possibly two reasons:
a) just to get a better rate
b) possibly release some equity (my mortgage it about 40% of the value of the house) to do renovations.
my quandries are..what will happen if they do a credit check on me, see I'm linked to the hubby (we have a joint bank ac) and his poorer credit score and then say they don't want to lend to us..will they stop our current mortgage too?!
We are both self employed, with lower incomes, what are our chances of actually finding a mortgage?!
We've never missed a mortgage payment.
Thank you!
0
Comments
-
They won't stop your current mortgage, but the fact your hubby has got some credit blips could tar you through association.
First thing to do is find a local mortgage broker that can support you and then air it all out with them in terms of the credit issues he has had. This will be the main stumbling block. Run credit reports and get them ready for your broker as they will need these!I am a Mortgage Broker.
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.6K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.6K Work, Benefits & Business
- 598.3K Mortgages, Homes & Bills
- 176.7K Life & Family
- 256.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards