Advice regarding existing mortgage

Willow195

I signed up to a 3 year fixed term deal September 2008 as a lone applicant.

Since then I've met my current husband and got married - he has sold his flat and we live together in what was my house.

I have changed the mortgage into my married name but to add a new person to the mortgage we need to see a mortgage reviewer, would this mean a charge as effectively we are changing the mortgage before the 3 year tie in ends?

The reason I ask is hubby was looking to trade up his car but the finance company refused him credit as he has only lived at what they class as my address for just over a year and they are classing him as a tenant.

Hubby has had credit problems in the past but I know these were all sorted and updated on his credit report - talking 5+ years ago.

My concern is adding him to the mortgage may affect the deal we get because of the previous credit issues - but that waiting until the deal is up will mean I am on a reduced salary due to maternity leave and will rely on his income to get another deal - again affecting what we are offered.

Sorry for the long post - I'm just not sure how to go about things and I hope someone on MSE can offer some advice!

VIGILANT22

ask your family/friends/colleagues to refer you to a whole of market adviser they have used and been happy with......then they'll guide you

herbiesjp

Have you got an up to date copy of his credit file?

Willow195

Hi

No we don't have the current file, we had one last year around July. Would the current file help?? Can get one if so

herbiesjp

Having up to date details is always best, especially if you are going to discuss with a broker.

They will need the latest snapshot of the credit file

getmore4less

Get the credit files and make sure they are correct

With ERC's it is unlikely that a new deal will be better than the current one so start with your current lender and see what they will do.

What is the follow on rate for the current deal a new loan at the end might not be needed.


Any reason why you can't buy the car?

Any reason why you can't keep the current car, save the money to overpay the mortgage or buy a car later without finance?

Willow195

The lender suggested a joint application to finance the car as it would strengthen the application and theres no reason for us not to do this, but my concern is regarding when it comes to the mortgage deal ending.

He was upgrading from a small car to a family car as will struggle to manage with the one he currently has, however we have left this on hold just now and will see how we manage when the baby comes.

I don't have the follow on details to hand, but the mortgage is through the Halifax which was the best fixed rate at the time - not sure how they measure up now.

Does anyone know if we make an appointment with a mortgage reviewer whether we can walk away without changing anything if the outcome of any changes makes the deal less favourable?