mortgage advice please!!!

golden134

Hi please be gentle first post after lots of lurking !

I have had lots of debt problems,currently on self managed dmp.Don't know what credit agencies would say too scared to look. to cut a long story short we want to move house. I have a joint mortgage with husband and a joint secured loan, We have never missed a payment on either,all other debts are mine.
We will have a substantial deposit about 75% due to husband's inheritance. For the remainder could my husband take out a mortgage in his name only and would his credit rating be affected by my stupidity

holly_hobby

Without stating the obvious (and not to be too direct or on the moral highground !), why not use the large deposit to repay your creditors ?

Holly

golden134

Because they are my debts and i feel responsible for them , i have managed to get them reduced over the last few years - half way there,due to promotion and hard work. This is a chance to get a dream house we would never get again.

GMS

Have you approached your current lender to see if they would allow you to 'port' the mortgage? May well be a no due to the DMP but worth asking the question.

Other than that you may be best speaking to a broker. With a Loan to Value of only 25% there may be a lender who would look at it. Have to agree with Holly though regarding clearing your debts. Could be something which would help. You could informally pay back your husband if you felt strongly about it.

Thrugelmir

Why not repay the joint secured loan?

This would enable you to start clearing your personal debts quicker.

The secured loan would have to be cleared in order for you both to move house in any event.

getmore4less

Details of the debts mortgage, incomes, rates saving house values(new and old) would help develp a stratagy that works for both of you.

opinions4u

golden134 wrote: »

I have had lots of debt problems,currently on self managed dmp.Don't know what credit agencies would say too scared to look.

Bite the bullet. Dealing with the facts can only help.

to cut a long story short we want to move house. I have a joint mortgage with husband and a joint secured loan,

So highly likely that the CRAs will report a joint financial interest that will mean your problems reflect on hubby.

We will have a substantial deposit about 75% due to husband's inheritance. For the remainder could my husband take out a mortgage in his name only and would his credit rating be affected by my stupidity

I think the plan will struggle, although a 75% deposit may save the day.

Personally I favour clearing all your debts and then you paying back hubby. But that's one for you to work through.

xyellowx

if half the deposit is yours use it to pay off YOUR DEBT