Thinking of moving home

jackie_w

Hi There,

My husband and I are thinking of moving house later in the year. We are looking to buy a house in the region of £250,000.

We are hoping to make a profit on our current house of £40 - £50k, and we will have savings of £30k, so we would be putting this all down as a deposit.

I dont work, my husband is self employed. He has only been self employed since November 2005 (before that he was employed, and he was working self employed to build up his client base and buy equipment etc).

Does anybody know if we will get a mortgage without me working? My husband thinks we will need to get a self certificate mortgage. I know nothing about mortgages. Also, someone was telling me the banks and building societies are thinking of taking away the fixed rate? Is this true?

Before I go, one last question. In 2002, I got a mobile phone from O2, but, I decided to cancel the contract within the 14 day cooling off period. I returned the phone to them, and cancelled the direct debit at the bank. Months later, I received a letter from debt collectors looking for £16!!! O2 asked them to contact me. I never received any letters from O2 looking for any money, and I never owed it to them anyway. Well I paid the debt collectors, called O2, they realised their mistake, and refunded me the money.
Last week I decided to get a copy of my credit agreement from Equifax and theres a default against my name from O2 for this £16
I have tried to contact O2, but, I dont have any paperwork to give them account numbers or anything, so they say they cant help me.
Wilh this go against me for applying for the mortgage? Ive have applied for other credit since this happened, and everything has been fine.

Sorry this post is so long, I just have so many questions.

Jackie

webbie

Hi

Most lenders will insist on accounts - but as you have a decent deposit, I would suggest you approach your existing lender first - an excellent repayment record is valued rather than accounts.

Otherwise, there are many self certified mortgages available - the rates are much cheaper than they used to be too.

A clean repayment history is also very valuable - but a default of £16 would usually be ignored. Main thing is to be honest and explain it on the application form.