Mortgage advice please

cumbrian_blue

Hi

I'm after some good old MSE advice. My wife and I are looking to relocate from Cumbria to Hereford. We both have houses and mortages at the moment. We will sell both houses, we won't make a lot around 20k, but still a decent deposit on a house around 150000.

Before were married , my wife had to go into a DMP in around 2010. This has now been paid off around 18 months ago.

I earn 15000 part time and my wife earns 35000 full time and this will be the same if we move. As you can see we will need a joint mortgage for around 130000, My credit rating is 5/5 but my wife's is 1/5.

I have phoned my current lender , first direct, and they won't even look at a joint mortgage until 6 years after the DMP has finished. They won't take her salary into account either.

Does anybody know a way around this ? Are there any lenders who will look at us with my wife's credit?

I won't be able to get a mortgage in my name as i dont earn nowhere near enough. My wife has never defaulted on any mortgage payments etc.

Any advice would be great

Mike

Malmo

First point to note is that credit scores & ratings provided by Credit Reference Agencies are consumer marketing features only and are not seen or used by any lender. Lenders evaluate customers based on their own criteria, so ignore these arbitrary scores.

I'd suggest that with your wife's past credit issues, you'd be better off engaging an independent (i.e. not one tied to an estate agent or sales outfit), whole of market mortgage broker rather than trying to approach lenders directly. Speak to several brokers and get a feel for one that you think you could work with. Once you've decided on a broker, obtain both yours and your wife's statutory credit reports from each of the 3 Credit reference Agencies (see below for links to Experian, Equifax, Callcredit/Noddle) and share them with the broker to give them a full picture of your credit history.

Experian Statutory Report

Equifax Statutory Report

Noddle

cumbrian_blue

Thanks for the reply, very helpful and a good place to start......I have browsed a bit online and it looks like we could only really get a 80% ltv. Which means our deposit is way off. Is 80% ltv the max for bad credit mortages ? Or do they sometimes lend more.

PrincessLou

cumbrian_blue wrote: »

I won't be able to get a mortgage in my name as i dont earn nowhere near enough.

Are you sure you don't earn enough to take out the mortgage on your own? My husband took out a mortgage of £128,000 (and was actually offered more) on a salary of 35k a couple of years ago. It might be worth checking...

cumbrian_blue

I only earn 15k my wife earns 35k , so it's a no go :-(

PrincessLou

cumbrian_blue wrote: »

I only earn 15k my wife earns 35k , so it's a no go :-(

Oh sorry, I read your post wrong. I thought you said that you earnt 35k