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Mortgages Question - Trust Deed
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hopingforahouse
Posts: 108 Forumite
Hello everyone, hoping you don't mind that my first post here is a request for help!
Have a bit of an odd situation.
I'm currently a year into an Protected Trust Deed (similar to an English IVA), but Scottish). If anyone doesn't know what this is, I got into lots of debt, and the only way to get out of my situation - i.e - not being able to pay anyone, was this - pretty much the nearest you can get to bankruptcy, without actually using the word bankrupt. I have two years left, and am now pretty much living on a decent budget, and working overtime at work for any extras that I want/ need. This is all fine (or at least as fine as getting myself into this kind of situation could be).
My husband however is just about to come into a sum of money - approx. £16000. This is great, and hopefully can be used on for a deposit towards a mortgage. This mortgage would obviously be in his name only, and therefore based on his salary only. Therefore, I would basically be paying rent to him. He has no real debt, and an excellent credit score. We could definately afford it, as the mortgage repayments would equal between £50 - £150 less than our current rent - this money would go towards paying for the extra insurance, and hopefully a little bit saved. Again all savings would have to be in his name, which is fine.
The problem is however that to get an okay place to live - i.e - not actually a box/ costing us the difference in commuting/ getting burguled weekly, then we would be looking at a mortgage of about £75 - £85k, after our deposit - the plan would be about a £12k mortage, some for fees etc, and some for furniture, and hopefully a bit left for a rainy day. However on his current salary, £21,500, the max mortagage would be about £75,000, and we may need a little bit more than this. If it makes any difference, I am on £22,500 (wasn't when I built the debts up though, just acted like I was
).
We're quite worried about waiting any longer, as we have seen the type of flat we would be looking at rise at least £15k on average in the last 2 years.
So....
Can anyone see any probs with my plan?
And does anyone know if mortgage lenders would lend him a little extra - maybe using my money as guaranteed income, without involving me in the mortgage?
And I know it might seem odd putting all my money to my OH, but he's helped me out of the situation I got into, and trust is not an issue. Yes, we will go to a decent broker, and poss to see an IFA, but if I'm being daft and it's a complete no hoper, then I'd rather know asap, rather than getting my/ our hopes up anymore.
Sorry, I realise this is like an essay.
Have a bit of an odd situation.
I'm currently a year into an Protected Trust Deed (similar to an English IVA), but Scottish). If anyone doesn't know what this is, I got into lots of debt, and the only way to get out of my situation - i.e - not being able to pay anyone, was this - pretty much the nearest you can get to bankruptcy, without actually using the word bankrupt. I have two years left, and am now pretty much living on a decent budget, and working overtime at work for any extras that I want/ need. This is all fine (or at least as fine as getting myself into this kind of situation could be).
My husband however is just about to come into a sum of money - approx. £16000. This is great, and hopefully can be used on for a deposit towards a mortgage. This mortgage would obviously be in his name only, and therefore based on his salary only. Therefore, I would basically be paying rent to him. He has no real debt, and an excellent credit score. We could definately afford it, as the mortgage repayments would equal between £50 - £150 less than our current rent - this money would go towards paying for the extra insurance, and hopefully a little bit saved. Again all savings would have to be in his name, which is fine.
The problem is however that to get an okay place to live - i.e - not actually a box/ costing us the difference in commuting/ getting burguled weekly, then we would be looking at a mortgage of about £75 - £85k, after our deposit - the plan would be about a £12k mortage, some for fees etc, and some for furniture, and hopefully a bit left for a rainy day. However on his current salary, £21,500, the max mortagage would be about £75,000, and we may need a little bit more than this. If it makes any difference, I am on £22,500 (wasn't when I built the debts up though, just acted like I was
).We're quite worried about waiting any longer, as we have seen the type of flat we would be looking at rise at least £15k on average in the last 2 years.
So....
Can anyone see any probs with my plan?
And does anyone know if mortgage lenders would lend him a little extra - maybe using my money as guaranteed income, without involving me in the mortgage?
And I know it might seem odd putting all my money to my OH, but he's helped me out of the situation I got into, and trust is not an issue. Yes, we will go to a decent broker, and poss to see an IFA, but if I'm being daft and it's a complete no hoper, then I'd rather know asap, rather than getting my/ our hopes up anymore.
Sorry, I realise this is like an essay.
0
Comments
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i think you need to talk to a really good broker - you are certainly not the first couple to be in this situation. i can send you some details of one, if you would like.0
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