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Remortgaging with my wife?
SamM_2
Posts: 2 Newbie
Hi there, I bought a house with my uni mate when we graduated, on a 15 year mortgage term. We'd now both like to go our seperate ways with our fiance's, 4.5 years into the mortgage term.
We've had the house valued at £250,000 and the mortgage balance is currently £173,000. I've enough in cash (thanks to an inheritance) to repay my housemate his proportion of the house. So we should just about manage.
Question is, do I try and remortgage just with me on the new mortgage (and am I likely to be able to borrow enough to keep the house?) as my fiance (will be wife in a month) has a silly default and subsequent CCJ from a mobile phone company from a few years ago. The CCJ was worth £150 and was paid just 2 days after the deadline due to postal trouble... but we are well aware of the impact this will have on our credit rating as a joint couple.
Worried that without her salary (she earns well) we won't be able to
keep the property, but are we right in thinking we'll get a better mortgage rate by keeping finances and the mortgage in my name until the CCJ drops off her credit file in a couple of years?
I currently earn just over £46k and ideally we would be looking to keep the house, but over a 25 year mortgage term to reduce the monthly payments.
Any advice welcome... meeting with mortgage advisor next week.
Cheers in advance chaps!
We've had the house valued at £250,000 and the mortgage balance is currently £173,000. I've enough in cash (thanks to an inheritance) to repay my housemate his proportion of the house. So we should just about manage.
Question is, do I try and remortgage just with me on the new mortgage (and am I likely to be able to borrow enough to keep the house?) as my fiance (will be wife in a month) has a silly default and subsequent CCJ from a mobile phone company from a few years ago. The CCJ was worth £150 and was paid just 2 days after the deadline due to postal trouble... but we are well aware of the impact this will have on our credit rating as a joint couple.
Worried that without her salary (she earns well) we won't be able to
keep the property, but are we right in thinking we'll get a better mortgage rate by keeping finances and the mortgage in my name until the CCJ drops off her credit file in a couple of years?
I currently earn just over £46k and ideally we would be looking to keep the house, but over a 25 year mortgage term to reduce the monthly payments.
Any advice welcome... meeting with mortgage advisor next week.
Cheers in advance chaps!
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