second time buyer needs advise

candles_3

Me and my partner have had a mortgage for 4 years in Edinburgh and are looking to relocate to manchester. We have never missed a mortgage payment. and we are looking to buy a house cheaper then what we currently are going to sell our place for. The problem is that we do have bad credit after getting into difficulty last year and this year. and was wondering if this would affect us getting another

mortgage. As we have been advised that another credit check would have to be done to transfer our mortgage to another property.

Also our 2 year fixed rate runs out this April, so again will this effected us getting another mortgage.

I really do not want to rent as we are expecting our first child in may and wanted our own family home.

any advise would be great

_Andy_

candles wrote: »

Me and my partner have had a mortgage for 4 years in Edinburgh and are looking to relocate to manchester.

What kind of timescale?

We have never missed a mortgage payment. and we are looking to buy a house cheaper then what we currently are going to sell our place for.

What property value and how much would you be wanting to borrow?

The problem is that we do have bad credit after getting into difficulty last year and this year. and was wondering if this would affect us getting another mortgage.

Yes it will - you'll need to give more detail though - what kind of bad credit - defaults, CCJs? Amounts, are they satisfied, etc..

As we have been advised that another credit check would have to be done to transfer our mortgage to another property.

Yep that's right.

Also our 2 year fixed rate runs out this April, so again will this effected us getting another mortgage.

If you're downsizing and borrowing less with the same company you'll probably have to pay early repayment charges on the amount you're paying off.
If you wanted to change mortgage lenders (and depending on the bad credit and who your current lender is, you may have to), you'd have to pay early repayment charges on the whole amount.

I really do not want to rent as we are expecting our first child in may and wanted our own family home.

Understandable however bear in mind the market is still falling so you do risk being in negative equity.