Joint or solo mortgage?

oct06

Hello

Long time lurker, first time poster so please bear with me!

We are looking to remortgage our home as our current deal (NR) runs out in Nov. It is currently in my name only. I earn £24K.

My OH is self employed (just completed his first month) and earns £30k (no outlay so all 'profit' bar tax etc). Can he self certify (its a 'long term' unwritten contract he works on)?

However, he had his last home (with his ex) repossessed 3 years ago.

My question is, should I remortgage solo again or will his repossession affect me (we are married) anyway and so we may as well get a joint one and have a higher interest rate but be allowed to borrow more?

House is worth £130-140k (estate agent valuation so I know this may be lower) and we have £105k left on the current deal. Also, we have £15k we might want to add to the mortgage (not sure about this yet, we could save like mad and pay this off in a year). We can afford max approx £900-£1000 a month.

Any advice? Solo or joint? Any good deals? Particular lenders to look at?Thank you in advance for any ideas you may have.

ginvzt

I am not sure you will find many lenders who will give you £105k, not talking about +£15k on 24k income. You may have got this last year, but I think now they might not be willing to lend quite so much....

I am sure someone will be here to offer you a better advice, especially in concerns to your OH's repossession 3 years ago...

choccybuttons

First thing is to get your OH credit file and perhaps your own and go see a mortgage adviser for some advise. The credit record will show how badly your partners credit has suffered, although it usually takes 5 years for bad credit to drop off the file.

I'm in a similar position, no one would touch me with a single mortgage as it was 5x my salary

oct06

Thanks both. I have spoken with a broker this afternoon and he recommends trying the solo route. He'll come back to me in 24 hours with my options. £399 on completion sounds a lot but he was a nice man! The other 2 I tried were miserable!!!!!!

Fingers crossed.

Thanks