Mortgage Advice Required

Original_fish_2

Evening All,

I was just after some advice regarding mortgages.

My fianc!e and I are first time buyers. I had some debts issues about 10 years ago and have paid a few off since and am now only paying one off per month. I have not had any debt issues since then. My fianc!e has always had a good credit history.

My concerns are:
1. Will my previous debt issues affect my current mortgage application?
2. Is it only fixed term mortgages for first time buyers?
3. Do you recommend mortgage brokers?
4. I will have a large deposit, over 100k, so will this act in my favour when applying for mortgages, in case my debts act against me.
5. Can my fianc!e buy the house and then add me to the deeds at a later date?

Any help/advice would be gratefully appreciated.

Thank you.

GMS

Original_fish wrote: »

Evening All,

I was just after some advice regarding mortgages.

My fianc!e and I are first time buyers. I had some debts issues about 10 years ago and have paid a few off since and am now only paying one off per month. I have not had any debt issues since then. My fianc!e has always had a good credit history.

My concerns are:
1. Will my previous debt issues affect my current mortgage application?
2. Is it only fixed term mortgages for first time buyers?
3. Do you recommend mortgage brokers?
4. I will have a large deposit, over 100k, so will this act in my favour when applying for mortgages, in case my debts act against me.
5. Can my fianc!e buy the house and then add me to the deeds at a later date?

Any help/advice would be gratefully appreciated.

Thank you.

1/ Do you have any defaults or CCJ's registered? Any recent missed payments?
2/ No there is a choice of products
3/ Given your worry then a broker could really help you
4/ How much are you looking to pay for a place?
5/ Not if the deposit is yours. It will cause issues. Assuming a low Loan to Value you may be fine to buy now.

What debts do you have currently? Could you not pay these off prior to application?

Original_fish_2

Thanks for the reply.

To answer your questions:

1/ Do you have any defaults or CCJ's registered? Any recent missed payments?

Defaults, unsure. Ccj's no. No recent missed payments. No credit taken or debts accrued since 2002.

2/ Thanks.

3/ Thanks.

4/ How much are you looking to pay for a place?

About 250k.

Yes, I could clear the one outstanding debt, was unsure whether to do this or have a bigger deposit.

Also, how far back do Mortgage companies go in your finances? I.e do I have to declare my previous bad finances if they were 10 years ago and Mortgages only go back 6 years.

Thanks for your help.