Mortgage Advice please

Effy

Hi :hello:

In May I bought a house with my boyfriend. Due to his poor credit rating the mortgage has soley been taken out in my name and so the house is also in my name alone.

We got a great deal because we had a good deposit due to an inheritance (this is what made it possible for me to get mortgage alone) .... anyway the deal is fixed for 2 years and so runs out around May 2015, after that point if it reverts to the usual rate and our mortgage payments will go up around £200 a month (judging on todays standards, obviously who knows what the case will be in a few years).

I am currently pregnant (yippee!) but plan to go back to work part time if I can ... the problem is this, my partner has defaults on his credit record that will not drop off until around November 2016 so I assume this means he cannot get a mortgage and if he can the deal wouldn't be great, if I am in part time employment I will not earn enough to get a new deal on my own, I know this is almost 2 years away but is there anything I can do now to try and ensure a good deal until end 2016? We are at around 60-50% loan to value so really would like to make the most of that if I can and then add the other half on to everything at some point in 2017 when his credit looks a bit better!

Thanks for reading my essay!

kingstreet

See what customer retention products your current lender has to offer when the current deals ends.

ACG

The defaults will be over 4 years old. Some lenders ignore them once they hit 2-4 years old.

Difficult to say where we will be when the time comes but you will have a few options - whether it be retention products or more lenient lenders.

Your unlikely to get the best buys unless you get lucky but at that LTV you wont be on sky high rates.

Effy

Thank you both for your replies. I didn't know about retention deals so that's really helpful.