2nd time buying - from sole to joint, advice needed!

lolamancity

Hi All

Sincere apologies for this data dump, but i'm a bit gutted at emailing all of the following to my email IFA of 10 years to find he's vanished off the planet. So my subconscious taking for granted that i've got an awesome (free, honest and friendly) IFA at the end of an email account if I need him, has come back to bite me on the bum!

Basically, I’m just after some advice, because I don’t want to start going down the route of getting pressured into making huge life changing decisions (I’ve been burnt before and I’m now a full time working low-paid single mum just about breaking even.. but luckily own my own home with a small mortgage after successfully managing to buy my ex-husband out of the property with minimal damage to either of us) The subjects I need advice on are ones I’ve never broached before, so I feel a bit of a novice again after spending years in my financial comfort zone, just plodding along.

If anyone wouldn’t mind plodding through this lot below, I would be eternally grateful and it would save me having to be forced to try and achieve the impossible and find the time and the thick skin to go and see a Nationwide advisor (who my current mortgage is with) I left them as a bank because I found it impossible to even be able to a pay a cheque in, let alone sort the finer details of mortgages out with them!

Anyway, apologies for the copy and paste job, but I’ve tried to edit what I sent to my ex-IFA before his email bounced my email to him back at me!
Basically, after my split with my ex and the subsequent remortgage and paying him what he was owed, everything has been ticking along fine - up to currently, i still have the Nationwide mortgage my exi-IFA arranged for me at the time, and stayed on their mortgages when my fixed term expired back in October lat year, on another decent 2 year fixed term (and even got some cashback out of them for it!)

Life circumstances have now shifted somewhat for me though, and previous to now, i had a rough plan of seeing this current fixed term mortgage out (ending October 2013) before selling my house, freeing up approx 30k equity i have in it (there's £45k left outstanding, and the house would sell for approx 75k as a low estimate) and moving up to the next stage house with my partner of 2.5 years (who I don’t yet live with – this is a big step for me, hence I need to have everything very well thought out for my own peace of mind!). Although that probably realistically is still the plan, we have annoyingly seen our dream house and it has given us itchy feet a little. Although the chances of ever getting it are slim to none, it's pushed us into thinking about the practicalities and finer details of what might be our joint mortgage soon - having further never given the finer details much thought.
Seeing as neither of us have done this kind of financial coming together before, we don't really know where to start, so may i ask some questions regarding how it might work out?

He has never had a mortgage before, and even thought the deposit on our first home together will be coming from the equity in my house, he will be paying slightly more of the next mortgage due to him earning much more than i do, and the fact that i have childcare to pay out of my wage.
Obviously with him never having a mortgage before, how would Nationwide (for example, or a new lender if needs be) view me applying to transfer my mortgage status with them to a new property (and obviously a much higher borrowing amount)?
Just for illustration purposes, the figures would roughly be: intended house valuation = £165,000, i would be putting down at least £30,000 from the sale of my £75,000 current house (and the rest would go to Nationwide to cover the outstanding amount on the mortgage?)… what i thought roughly would be that a new mortgage would be around £750 jointly a month. For further illustration purposes, i think his salary is on paper as £24,500 pa (but he gets up to £30,000 per annum with overtime) and mine is just under £19000 pa

But, is it a simple as doing that, or because we are a new 'joining' on paper, would we be treated as both first time buyers, and expected to go down the first time buyers/mortgage route, and/or leave Nationwide as a result? And say if we did buy before the fixed term on my current house was up (because i'll have to embark on a game of russian roulette where i put my house up for sale long before i intend to be able to buy a new property, because sales are stagnant on my street at the moment and have been for a long time) would Nationwide want to wash their hands of me as a customer/sign us jointly up as new customers, and whack a huge fee for leaving a current fixed term deal early onto my head?

Hope all that makes sense, sorry to waffle on at you so early in the morning, but i'm just pondering where to go from here - i was tempted to go and arrange a viewing on this house we've fallen in love with, then i realised it would be ridiculous to do so as we don't even know if we can remotely make it financially happen!

Thanks in advance

Dave_Ham

Everything is achievable on the face of this.

I think you need to find another local, friendly IFA or mortgage broker as there are too many questions in your post for me to answer now I am afraid..

There will be a solution based upon the detail provided, it is unlikely to involve the Nationwide existing product though unless you specifically want to stay with it..

Good luck