Mortgage help needed

boo81

Hi

I need a bit of advice over what to do. Basically I am just married and my husband has previously had debt problems culminating in getting a Scottish Trust Deed which finished 3 months ago. Since then he has been approved for a bank account and overdraft and has got himself an adverse credit credt card to build up his score.

As for myself I have had no bad debt but I do have about 4 credit agreements in my name for various items including our car, and also a few credit card totalling about £5k and a loan of £15k.

Currently we have a house of which only I am on the mortgage and we would like to move house. We would need a 90% mortgage but would need to be put on it together for various reasons.

Now we have found a development we would like a property in but our main concern now is whether its too soon to be asking about a mortgage. The thing is we dont want to get our hopes up to find when we need a mortgage in 3 months time he will be refused because of his previous debt, but then again we dont want to wait around to find out he would have been fine. We also dont want to harm his credit by getting credit scoring done.

is there anyone who can advise the best way forward for this and also the liklihood of a mortgage being approved for him.

Thanks

VIGILANT22

3 months out of a TD has no chance of being approved for a new mortgage

happybroker

I'm afraid a joing mortgage is not going to happen.
Take your credit file to a good broker and go through all of your options before viewing to avoid disappointment.
Sorry I can't be more positive.

boo81

thanks for the comments, though I was hoping for a bit more detail and advice.

We wouldnt be looking at anything until at least August I would say, do you think there is more of a chance at this time?

The other option is could I get a mortgage in my name but taking into account both of our incomes? With mine alone I cant move, but with joint being taken into consideration its not a problem.

Basically we wanted to move house within a year if at all possible.

If anyone can help it would be much appreciated.

VIGILANT22

You receive advice from an advisor...here you receive lots of opinion (all be it varied)

I think you need to understand the full impact of TD's and the current economic situation..........(it will take years not months for yr husband to be in a position to obtain a mortgage in the future)

boo81

Oh I fully understand the impact but I was also told he wouldnt get any credit for a year or so, but he walked into a bank without having finished his trust deed and got a new bank account with £1000 overdraft and a visa debit card.

He was also informed by the trust deed people that because the debts are settled his file shows that all outstanding debt has been satisfied, which should have a positive effect on his credit rating.

So far he hasnt pushed his credit rating by applying for much but since December all we had is good news. It just felt like the right time to ask the question, even the bank were surprised he got approved for the bank account that he managed to get.

happybroker

boo81 wrote: »

thanks for the comments, though I was hoping for a bit more detail and advice.

We wouldnt be looking at anything until at least August I would say, do you think there is more of a chance at this time?

The other option is could I get a mortgage in my name but taking into account both of our incomes? With mine alone I cant move, but with joint being taken into consideration its not a problem.

Basically we wanted to move house within a year if at all possible.

If anyone can help it would be much appreciated.

Lender's won't entertain his income without him being on the mortgage I'm afraid.

With regard to the TD, unless there is a massive shift in the stance lenders currently have on this by August then there will be no change in your ability to get a mortgage at this level.

The reason I was a little vague (apart from the fact I was in a que on the telephone) is that without sight of credit files and full details of your personal circumstances it would be impossible for me to be more precise about what is/ isn't available to you. Apologies, my first post did appear a little "off the cuff"....not my intention.

Really the best thing to do is get a recommendation from friends or family for a good broker and meet up with as much information as you can lay your hands on. That way you will get a solid answer and can then start to plan.

boo81

Thanks happybroker, very useful advice :-) one more quick question.

We are going to view his credit file as part of our finance review, is there anything we should look for on here to help us with the application.

Currently we are doing whatever we can and also our new purchase will be at the very bottom of the scale that our income would allow, so im hoping this is a good thing.

I have read there may be options available if we can afford an increased % charge, im hoping this is something still open to us.

happybroker

Borrowing at low income multiples is always good and can help.

I think the main issue is the loan to value, to be accepted at 90% you have to be super squeeky clean to get anyone at all to even consider it. As far as what to look out for....at 90% it would need to show everything up to date and since day dot, no public data, no defaults or missed payments, electoral role regstration, stable address history.

If you had been borrowing at, say 50% loan to value or less and had really good reason fro the TD such ill health or something that could be evidenced then some of the small building societies may have looked at it.