Whata re my chances of a mortgage

Eezo · 25 April 2014 at 11:52AM

I'll make this is simple as possible but please bear with me.

My wife and I want to buy a house and will need a mortgage, my wife is a newly qualified lawyer earning 35k a year.

We also have a 60k deposit which I believe is fairly good.

I used to have a fair bit of debt which was all paid off as settlements last year when I came out of debt management, my credit score is now quite good but I do have a few defaults that won't clear until 2016. On top of that I am also self employed, I will have three years worth of accounts very shortly.

I'm of the opinion I'm going to struggle to get any sort of a mortgage due to me being self employed and having defaults, although if anyone thinks otherwise please say so.

So I think we are best off trying to get a mortgage just in my wife's name, unfortunately there now is all this mortgage market review rubbish in place. I still pay half the rent and bills every single month, will they take me into account when working out a mortgage just in my wife's name in regards to a mortgage market review?

Thanks for any advise.

Dave_Ham · 25 April 2014 at 12:16PM

With respect, do not try and come up with your own solutions without enough experience.

I would fancy depending on the detail that the better solution is joint names, although clearly your defaults/Debt Management Plan will be a hurdle, but the 3 years accounts is not necessarily a necessity.

Get your Experian, Equifax and Call Credit reports and a decent broker and would fancy this achievable now.

Good luck

Eezo · 25 April 2014 at 1:07PM

Thanks for your response.

I think that's good advice, I have made an appointment to see a mortgage adviser next week so we shall see what he says but I still don;t feel particularly hopeful. These new rules certainly worry me a bit.