HELP! Mortgage strategy advice needed.

gazinman

Hi, I am hoping that some mortgage buffs can help give me some advice about mortgage strategy. Please read my story below:
ME:
I am 28 years old. I am a 1st time buyer with a good credit history and good credit score. I have a mortgage promise from the Halifax. I live with my fiance in her mortgaged house. We are getting married later this year.
MY FIANCE:
My fiance is 30 years old. She is a next time buyer with bad credit history with a bad credit rating until 2008. She has a mortgaged home which has risen in value by £55k since the initial house purchase.
OUR PLANS:
We are hoping to move home this Summer into our first jointly mortgaged house. We have started to house hunt and have found one that we are hoping to bid for. We have began to look at mortgages and have found that there are a lot of choices to make.
WHAT SHOULD WE DO?
Should I use my good credit score and 1st time buyer status along with a hefty deposit from the sale of my fiances house to get an individual mortgage and then transfer 50% of the property to my fiance once we move in? Or should we go directly for a joint mortgage? We are looking at a fixed rate mortgage with cashback.

JoeK_3

I assume that you will be selling the existing property anyway!

If so, you will probably use the equity of your fiance's property, or will you?

The decision of who's name the new property should go into will depend on the answers to the following:

What is the new property value?
What are your individual incomes?
What deposit will you put down?
How bad is your fiances adverse history?

JoeK

herbiesjp

gazinman wrote: »

She is a next time buyer with bad credit history with a bad credit rating until 2008.

This means the adverse credit will have been registered 5 years ago then, so you may not need to look at adverse lenders now


What was the adverse credit for and how much?

HTH

gazinman

Hi JoeK,

Thanks for the post. Yes, we will be selling the property anyway. Yes, we plan to use the equity from my fiance's property.
The value of the new property is £145k.
Our incomes are £15k and £30k.
The deposit will be £60k.
My fiance's adverse credit isn't too bad, however she has had CCJ's within the last 4 years. All credit issues have been resolved and she is not in any debt now.

JoeK_3

Based on that you will need both income but it looks easy.

You may even gat a mortgage from high street lenders.

Go for it!

JoeK

gazinman

Hi HTH,

Her adverse credit was for defaulting on loans, credit cards and her mortgage payment between 2000 and 2003.

herbiesjp

Missing mortgage paymenst are never a good idea, but they seem far enough in the past to be "ignored" as highlighted by the fact you have already got the mortgage promise from Halifax

You should be fine with your scenario - if you want to see what else is on the market you may want to go to a fee free whole of market adviser to see how the Halifax deals compare with the rest of the market

PS - name is Herbie. HTH = Hope This Helps :T