SAHM paying off debts slowly

enthusiasticsaver

I agree if you are taking the property over in your own name don't overpay the mortgage as that benefits him too. Save the money instead either so you can overpay once the mortgage is in just your name or just as a savings buffer. You have no debt presumably now do you? 

slm6002

The only debt i have now is a very small student loan but as i earn no where near the threshold to pay it back i do not pay anything for it.  I do toy with the idea of paying it off just so there is no debt at all, but then i think in however many years it will be gone and i wont have had to pay a penny unless i can afford it.  Think from memory its about £2000.  
Yesterday evening a house popped up on for sale list that would be great for us.  Its on the cheaper end of the scale due to it being half renovated and half left.  The garden is overgrown but securely fenced in and fairly big and the living room and dining room need sorting but could probably get away with just paint to begin with to make it look finished.  Looks like the kitchen units have been changed recently but the remaining bits in the kitchen need doing (paint and flooring).  Upstairs windows have been replaced, but it looks like downstairs hasn't as yet.  I like it because the 3 kids rooms are the same size near enough and none of them are the obvious box room. Plenty of parking for when the kids all get cars and utility area in the garage.  Ticks all the boxes apart from the looks pretty box lol. Its on for £250 where most houses that size with garden, garage and parking are £325 done up, so in theory there should be profit to be made.  All liveable in just not show house as yet.  We looked at one on the same road about a year ago but because of the fact it had air heating plus we hadn't sold ours we decided against it.
I know i dont have a mortgage for this place as yet but i cant stop looking as just not happy here.

slm6002

Well the call came from the mortgage man and they can not help.  So no mortgage for even this house.  The reason they gave is because i had a DMP within the past 6 years.  Even though i have paid it off and circumstances have changed.  I have enough money each month but no one wants it.

slm6002

Should have asked when mortgage man was on the phone, because when i arranged the new rate (about 2 years ago, which i would have been keeping) i was still on a DMP, but possibly only just, or just about to pay final payments on it, and they agreed us.  Wondering if this really was the reason or if it was the affordability and benefits.  

Aspiration

Sorry SLM that it wasn’t better news.
Have you spoken to them about whether you get the mortgage you needed for another house like the one you mentioned earlier? 

Hopefully You’re ok 

slm6002

Yes they cant help me with anything.  So as soon as i get OH off the mortgage that's it for them.  Until its been 6 years since paying off DMP they cant help me at all.  I knew i shouldn't get my hopes up but the guy sounded really positive yesterday.  I've spent 20 years building the equity in my previous home and this one and really do not want to just go into renting and using it for everyday costs until it has gone as because benefits would also stop as over 6k in the bank.  In a few years time it would be gone and i would be even worse off and then needing to be housed with help from the council as i wouldn't be able to afford the rent alone.  There must be a way around it that hasn't come up yet.

Verbatim

You might find a way through using a mortgage broker. Could be more expensive but doable perhaps. Some brokers specialise in finding mortgages for people with less good credit histories  If that worked you'd be OK for a "normal" mortgage once you were 6 years past the dmp. I thought the dmp would stop showing on your file 6 years after your defaults rather than after finishing paying it? But a broker used to finding less standard mortgages could advise.

slm6002

When the Halifax worked it out yes that was the case.  As long as i hadn't signed up for the DMP within the 6 years then it didn't count even if it was still ongoing.  With current lenders its 6 years from when it finished.  I just seem to go round in circles.  I am really not a fan of the unknown and i like making plans and lists, but i cant yet

Kitten868

Do they need to know? Definitely a question for the broker. 
I'm so sorry. Please don't feel too low for too long lovely. You will find a way through xxx

slm6002

they specifically asked the question on both calls so i am guessing they do.  I will perk up soon and start trying to find a way again