Will a mortgage be possible?

asandwhen

I am a little worried about weather or not my wife and I will be able to get a joint mortgage together - we are recently married this year but my partner has a couple of defaults on her credit file from back in 2003 when she split with her ex - 2 defaults both accounts settled in 2004 - she currently has no debt and has a credit card that we use for shopping and pay off in full every month - her salary is 21,500 - I on the other hand have a very good credit history with no debt apart from a nationwide credit card which I use for foreign trips currently 0 balance - I already have a small mortgage (45,000) in my sole name with the abbey - my salary is £30,000 we want a mortgage of about £180,000 and have a £20,000 deposit - Would we be able to get a decent high street mortgage rate given my wife's 2 3yr old defaults.

Robert_Sterling

Where is Andrew Smith when you need him?

At first sight I would say it was borderline or worse.



This is not financial advice because, among other things, what do I know?

asandwhen

I got the amounts slightly wrong yesterday - we want a total of £180,000 including the £20,000 so we only need a mortgage of 160,000

welshgirlcats1

I would try the Abbey I have defaults on my file phone companies, the mortgage adviser had a look at my case and has allowed me a mortgage. my husband had no credit problems , but we had a 37% deposit, and also bank with the Abbey.

welshgirl

AndrewSmith

asandwhen wrote:

I am a little worried about weather or not my wife and I will be able to get a joint mortgage together - we are recently married this year but my partner has a couple of defaults on her credit file from back in 2003 when she split with her ex - 2 defaults both accounts settled in 2004 - she currently has no debt and has a credit card that we use for shopping and pay off in full every month .

As they are both 3 years old and have been settled for 2 years now, it may close the door to some lenders but shouldn't be impossible. It also shouldn't mean any kind of massive rate loading or similar.

her salary is 21,500 - my salary is £30,000 we want a mortgage of about £180,000 and have a £20,000 deposit

Again, on first sight not too much of a stretch, and at 90% loan to value seems viable. It does depend on how long you have been in your jobs, employment terms, how you are paid (ie salary or commission/bonus/overtime etc).

- I on the other hand have a very good credit history with no debt apart from a nationwide credit card which I use for foreign trips currently 0 balance - I already have a small mortgage (45,000) in my sole name with the abbey -

What are your intentions with this mortgage? Is it a buy to let? Do you intend to pay it off?

Depending on this could be the deciding factor as to whether you are able to mortgage up to £180,000 on the other property with your wife.

Would we be able to get a decent high street mortgage rate given my wife's 2 3yr old defaults.

It does depend on a number of factors but, if not high street rates, you should be pretty close as long as their is nothing else lurking in the back-ground.

Andy

AndrewSmith

Robert_Sterling wrote:

Where is Andrew Smith when you need him?

At first sight I would say it was borderline or worse.


This is not financial advice because, among other things, what do I know?

Aha I have been suffering the delights of my daughter's 13th birthday this weekend. We had a houseful of sulky teenage girls for a sleepover. They all ended up falling out in the middle of Saturday night which was quite amusing (except for denying me and the rest of the house of sleep).

Oh the joys of parenthood.

asandwhen

Thanks - I work for local government and have been in employment for over 5 years - my wife had been in her employment for 6 years so I dont think that poses a problem - the flat I have at the moment will be sold to pay for the deposit of the new house - do you think it would be best to approach the abbey or go to broker?