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timing aplying for a mortgage? divorce etc
lobbyludd
Posts: 1,464 Forumite
hi there not sure if anyone can help?
I'm going through a divorce. I was not on the mortgage for our home, but am about to accept an offer that would allow me to buy the home from ex and house the children.
the equity in the house will be transfered to my sole name, and I'll recieve a lump sum to clear my credit cards (7K). I have to raise a mortgage to release ex, which will be about 75% of the property value.
I'm a first time buyer, and my credit rating isn't prime, - 1 default (stupid default, I moved and didn't cancel the phone contract properly, £147 defaulted in august 2005, which I paid in July 2006 when I checked my credit file and realised it had happened) 1 late payment to next in Jan this year (£10!). and the high credit card balance.
does anyone know when the default will clear? is it 6 years from when I defaulted or six years from when I paid it off? and how quickly does the 6 years apply? 6 years from the date exactly or a at the end of the relevant month or?
the mortgage I'd need is 3x my salary (not taking into account child benefit/tax credits or child maintenance).
I need an agreement in principle before I can finalise this settlement through the court and finish the divorce, but obviously I'll be better able to get the mortgage after the divorce is through and I've had the lump sum to clear the credit cards. would I be able to get an agreement in principle now based on my circumstances after the divorce (i.e. debt-free)?
and how would i do that? would an IFA or a mortgage broker be best?
sorry for all the q's!
thank you
I'm going through a divorce. I was not on the mortgage for our home, but am about to accept an offer that would allow me to buy the home from ex and house the children.
the equity in the house will be transfered to my sole name, and I'll recieve a lump sum to clear my credit cards (7K). I have to raise a mortgage to release ex, which will be about 75% of the property value.
I'm a first time buyer, and my credit rating isn't prime, - 1 default (stupid default, I moved and didn't cancel the phone contract properly, £147 defaulted in august 2005, which I paid in July 2006 when I checked my credit file and realised it had happened) 1 late payment to next in Jan this year (£10!). and the high credit card balance.
does anyone know when the default will clear? is it 6 years from when I defaulted or six years from when I paid it off? and how quickly does the 6 years apply? 6 years from the date exactly or a at the end of the relevant month or?
the mortgage I'd need is 3x my salary (not taking into account child benefit/tax credits or child maintenance).
I need an agreement in principle before I can finalise this settlement through the court and finish the divorce, but obviously I'll be better able to get the mortgage after the divorce is through and I've had the lump sum to clear the credit cards. would I be able to get an agreement in principle now based on my circumstances after the divorce (i.e. debt-free)?
and how would i do that? would an IFA or a mortgage broker be best?
sorry for all the q's!
thank you
:AA/give up smoking (done) 
0
Comments
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Sounds totally doable on the info provided.
An IFA who is 'mortgage orientated' or a whole of market/independent mortgage broker would be equally suitable.
This sounds the sort of case where a real one to one relationship - rather than big processing firm - might be beneficial.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
thank you!
other than personal recommendation do you know how I would source a mortgage oriented IFA or whole of market mortgage broker who was able to that more one to one thing? - I'm completely clueless on this!:AA/give up smoking (done)0
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