Want to Move Home! Advice needed please

cazzercoo

I purchased a house a year ago with 35 percent deposit, 20 percent first buy loan and the remainder was a Halifax mortgage, The mortgage is soleley in my name and was based on my income alone which was 17k at the time. my husband had bad credit so could not be involved.

We have now seen a house we really want to move to but my queries are this: The new house is up At 190K, we should have no less than 55k to put in and my income is now 25K and hubby is 24K.

hubbys bad credit has dropped off and he a limited history with a mobile contract he has always paid on time and he is electoral roll. My history is good however have just changed jobs last month.

Is it a good idea to add hubby to my halifax current account as a joint account holder then apply for a new joint mortgage and are the halifax likely to lend us what we need eg £140K also is it less difficult to get a mortgage when your moving house

would appreciate any advice as this is confusing

suziqqq

Hi all you can do is ask. And no it is not less difficult to get a mortgage if you are moving. I was declined by my current lender who I have had a mortgage with for 13 years as I no longer meet their lending criteria.
Its more difficult for everyone since the new affordability rules came into place. Good luck

cazzercoo

Thanks Suziqqq, sorry to hear about that.

I've got an appointment for a week on sat to see the bank so I will find out then.
I guess i'm just after the heads up from someone with more knowledge than me.

It was only a year ago that I got my last mortgage so has the lending criteria changed that much in a year? I have heard about all the affordability questions in the news, but I had all that anyway last year and I was borrowing 85K on an income of 17K so it was quite tight!

I think my query is does the increase in combined income outweight my recent change in job and hubbys lack of history? bearing in mind we have gone from a income of 17K to once of 49K and we want to borrow an extra 55K.

And my second query is would it be a good idea to add hubby onto my joint account and would this help with chances of getting the new mortgage?

amnblog

Don't alter your Banking in the hope it will improve your mortgage prospects.

Have fun in the Bank.

If they tell you 'no' don't be downhearted, simply seek the advice of a mortgage broker.

suziqqq

i agree if they say no go to a mortgage broker or advisor mine said no another said yes