husband has poor credit and we need to port mortgage - what do we do?

lalcharlie

House is in my name and I'm on maternity leave having been a supply teacher so my payslips now won't be enough to keep BoS happy. My husband earns enough to cover existing £80k mortgage and he has a job transfer up north but because of a student overdraft he didn't pay off immediately the HSBC blacklisted him I presume, as his credit is now poor. He has a work mobile phone; no credit cards; and my name is on all the bills so I'm thinking over the past 2 years his credit will not have improved. He's been offered a relocation package so our house will be bought from us, all legal expenses paid, in that respect we're very lucky, but to what avail if we can't get BoS/Halifax to port our mortgage? Strangely a year ago they didn't even ask me for payslips and said I was a A+ customer. Helps I had a £150k deposit!!!
Can my husband get any sort of mortage if his credit is still poor? Is there any point arguing our case with the bank? Advice please, we are a young family with 2 small children and we need to make the right decision.

sonastin

I think you should talk to the bank. They might surprise you. I presume that the £150k deposit that originally went into the house will still be a sizeable chunk of deposit on the next property?

How long ago did your husband's credit misdemeanours take place? And when are you supposed to be moving? Is there time for him to improve his credit history in that time (e.g. by taking out a credit card, using it for small items and then PAYING IT OFF IN FULL each month)?

How much longer are you going to be on maternity leave for? Are you planning to return to work in the new area - I suppose one advantage of supply teaching is that its highly mobile!

If you talk to your current lenders who are familiar with your financial history and explain the temporary nature of your current circumstances, they might be willing to port your existing mortgage. Alternatively, assuming you still have that sizable deposit, you could look for a) a cheaper place up north or b) a different mortgage lender.

lalcharlie

Oh yes i am planning to return to work soon, I am actually an English teacher but have had 2 children in 4 years and a couple of house moves - I've been just doing supply to fill the gaps between babies!
I gratefully accept your advice and will go to bed a little more positive. I've never had a credit card or store cards, am boring and sensible with my money. My husband was just a typical student when I met him who neglected his affairs and didn't read statements properly. I hope the bank see sense and realise that doesn't mean we're high risk, in fact we are the very opposite!
Thank you very much, will go to see Halifax fully prepared and with £160k deposit
lalcharlie

dizziblonde

I'm a supply teacher and couldn't get any joy in the mortgage department at all when we were looking - my income just doesn't exist as far as they're concerned. Probably confirming what you already know on that side of things but that was very recently.

CLAPTON

best to get copies of his credit reports to see what they actually say