Newbie Needing Help - Porting and Extending

elle_gee

I wonder if you fab guys and gals can help me..

My partner has a Natwest mortgage for just under £80k and a house worth about £115k. He doesn't have a great credit history and has just put a £19k u/s loan from Natwest on a DMP with CCCS, so issues are being addressed.

We want to move and have a joint mortgage. Is it possible to add me to his existing mortgage to increase our borrowing then buy a new property?

Current deal is 6.05% fixed until April 2009, then goes up to 7.44%. He got the mortgage when his salary was £26k, but it's now only £20k (plus £7k overtime). My salary is also £20k.

We have had a mortgage advisor take a quick look into it and he said with the recent addition of the CCCS DMP, we're looking at 8.5% plus with First Direct, or Leeds or Chelsea BS might consider us after the CCCS has run for six months.

What are the chances? Many thanks

happybroker

I think the 8.5% will be first national rather than first direct.

I also doubt Natwest will entertain a new mortgage application from your OH with the loan defaulting even with you on it.

On the subject of the cccs thing with the loan....my experience of Natwest isn't good with these things. They tend to persue you to the ends of the earth to try and get more money out of you and rarely freeze interest. A client of mine has recently tried to do an IVA but they stopped it and his £20k loan has risen to a balance of £29k in 18 months with interest and charges so please be very very careful with them.

I am not trying to sound like the harbinger of doom here, just to let you have some meaningful info

all the best