Are we getting our hopes up?

boo81

Im a little concerned that we are getting our hopes up prematurely and infact have no hope of getting a mortgage.

Currently I have a home, which I have paid of 5.5% so far (had 100% mortgage) but it has risen in price as it was in a poor state when purchased. I am getting a valuation but the equity should mean we have about £15K towards a new property.

I have seen one for £115,000 starting price so 10% deposit.

Basically we are a little complicated as we recently got married and I believe because of me still having not changed all my details I was rejected for a credit card a few moths back, also my husband doesnt have a perfect credit rating though 6 months ago managed to get a halifax card with £3K limit.

We earn more than enough to pay for the property and my mortgage used to be around the same price as this new one would be due to interest rates being so high.

My plan is to go to halifax because my husband has all of his accounts with them and I have a joint account too.

Anyone willing to comment on our chances? Can things like a credit check be overidden if we are a proven customer?

GMS

Speak to your current lender.

LilacPixie

boo - totally depends on what 'not perfect' credit rating means exactly. I would say get copies of both your credit files make sure your on voters roll with current name and everyone who needs to know knows.

boo81

Thanks for the tips, current lender we have tried to talk to previously and were met with snobbery and wouldnt really discuss anything with us to be honest. I might try calling them but dont hold out much hope, hence why halifax might be our best bet.

Cant really say ore about the credit rating. Hubby has previous trust deed but doesnt seem to deter halifax from lending him money, we were upfront with them and they were suprised it hadnt made a difference as far as they could determine. So historically problems but they are all now cleared.

Planning on getting my records changed this weekend - the electoral roll I assume is the biggie along with bank accounts. What about things like insurance? I called up to change them and most have said not to bother as everything finishes around this time of year for me.

xyellowx

boo- dont be certain your property has gone up in value just because you have done some work on the inside lenders wont look at that
if you do have 15k by the time you pay solicoter fees estate agent fees etc this will be nearer 10k (so less than 10% deposit on new house)
this would make it very unlikely you would get excepted for mortgage plus husbands bad credit record forget it
sorry to give the bad news

boo81

thanks for the info xyellowx but I do know my house has increased in value, firstly bought before the boom, secondly not just cosmetic work - pretty major overhaul inside and out, thirdly have 2 estate agent friends who may not have done a formal valuation but have given advice on value and told me it has gone up since purchase. Work has been done since then so hoping even better news now :-)

We wont be paying solicitors fees out of the money, this will be from a different pot. Dont worry, been through it before so know what to expect with these things!

Worse case scenario is 10% really, any less than that and likely we could make it up anyway. We are not talking about a really expensive house.

LilacPixie

Trust deed is a Scotland only thing isn't it so I'm guessing your up here rather than England.

Get your OH's credit file (and yours) and see your exact position. I married years ago and I think i changed my car insiurance because i was changing ownership and my licence all at the same time. I also change life insurance/will. Can't remember about the building and contents insurance

boo81

Oh lilacpixie, he is in the military and posted to Scotland which is why he has the trust deed, although now lives with me in kent. I do wonder whether english credit files show scottish trusts deeds though. We were told if it was like an IVA he shouldnt be approved so quick for the things he does have, its very odd!