First Direct Mortgage - Help Urgently Required!

sarahl1979

Hi - hoping someone may be able to advise...

My husband and I are first time buyers. We have found a house we like and have made an offer that has been accepted. A few weeks ago my husband made a mortgage application to First Direct and was accepted. At the time we hadn't found a property and had planned to get a mortgage solely in his name. The trouble is that the amount they offered to lend him is not enough for the house we want to buy so we will need to get a joint mortgage. We have spoken to a whole of market broker but they said we wont get a better deal than the FD mortgage (4.19%) and advised us to go back to FD.

I am nervous about applying to FD as I have read that they have strict lending criteria. Our financial status is as follows:

House Prrice £159k
Deposit 10% (gifted from parents)
Savings £3000
Husband Car HP £2700
Husband Credit Cards £2200
My Credit Cards £1000
Joint Income of £52k

I have checked Experian and Equifax and husband has an excellent credit rating. Equifax states that my credit rating is also excellent but am waiting for Experian to send through my credit report so not sure what that says (hopefully the same!).

Should we go back to FD or look elsewhere? Also will the fact that he applied solely to before have a negative impact if we make a joint application?

Thanks in advance. Not sure how to proceed but need to do something fast!

ACG

Once you have had a joint application you will be financially linked on credit files - if your credit report is fine then why worry?

Your joint income supports the mortgage - circa 3x joint income. The issue comes with the other debts, that being said you have £3k which would clear all but the car h/p maybe. Having never used FD i cant say whether that would cause an issue or not, it could be worth a try though.

sarahl1979

Hi, thanks for responding.

I think I'm just concerned due to the outstanding debt and the fact that I'm not sure what the Experian credit report says. Hopefully it will come tomorrow so I can relax a bit! We dont want to make a joint application to FD if its likely to result in rejection, which in turn might harm any chance we have of getting a mortgage elsewhere.