Fixed rate mortgage coming to an end

gremlin

Hi all

This is my first foray on to this board so please be kind.:D

Im looking for a bit of advice as my mortgage fixed rate is coming to an end in three months.

SOA is that I took the mortgage in my name nearly three years ago but my circumstances have changed.

I now have a partner that supports me and im a SAHM. The problem is that although I have no income of my own to remortgage my credit history is excellent.

My partner on the other hand has a good job and earns in excess of £30000, but his credit history in the past is poor to say the least.

Mortgage of 55000 neede on a property worth 135000.

Anyone have any advice on getting the best deal without having my new partners history ruining my credit rating?


Many thanks in advance for your experise.

Jane x

herbiesjp

What deals can your current ledner offer you.

If you look to re-mortgage, you will need to put your partner on the mortgage as you have no income, but you may then end up with higher rates due to his poor credit history

Staying with your current lender could well turn out to be the cheapest option.

HTH

gremlin

Thanks for that herbie.:beer:

I thought that was the option but just hoped someone could come up with something else.

Unfortunatley OH had a property reposessed a few years back due to arguments with his then partner over rights of their house. They split, she stayed in the house and refused to sell it so he stopped paying the mortgage as it was the only way (he thought) to get her out.

Does anyone know how this will affect our remortgaging?

If I stay with my current lender and ask for options, will they do a credit search on his name too? Will that affect them offering me another mortgage?

I'm sorry about the bombardment of questions, I'ts not an area I'm familiar with.


Thanks in advance

Jane x

gremlin

Just a little bump, hoping for more advice



Please

herbiesjp

If you jsut ask to go onot a new deal without changing anything on the mortgage, they should just put you onto the new deal.

If you ask them to put OH on the mortgage they will then credit check, and may decline a mortgage based on his credit history

gremlin

Again thanks herbie.

I hope that they will offer me a decent rate after this term. I was on a tracker fixed at a percentage below the base rate. The full rate showing on my agreement is that this will go up to 7.6%.

The biggest fear I had was that I'd have to go through the full application again and that my OH past would catch up with me. But If they can offer me a new deal without taking him into account or querying my finances that would probably be the best option.

:beer: