Adding ex bankrupt to mortgage and future borrowing

ld1978

Hi all,

Am looking for some advice please. Hubby had a house repossessed with an ex and went bankrupt in 2009. Discharged 6 years now and starting to rebuild credit. Files are clean and now has a lloyds classic account.

We moved house last year and mortgage is in my name. I was on maternity leave and now working part time so salary has dropped and I no longer meet affordability criteria. Would like to extend in the future as obviously we have hubby's salary so can afford it.

How easy would it be to add hubby to the current mortgage given his past? He is also self employed and last years sa302 looks to be 20k (previous years were less). I now earn 34k part time and mortgage is 205k approx.

I am also debating a secured loan to extend but not sure if this is wise?

Current mortgage is on a fixed til July next year at which point I won't meet mortgage criteria.

Any advice gratefully received. Could I call re getting him added? Is it a good move?
Thanks

ACG

You need to speak to Lloyds. It will come down to affordability which will take in to account income and expenditure and also your credit scores.

You have nothing bar a credit check to lose. If that does fail, then you have second charge as an option.

ld1978

Thank you

If I try to add him to the current mortgage will they credit check me again as my salary has now decreased (also mortgage is in fixed til July next year) or am I better just sticking on my own and moving to a new product next year (hopefully no checks if with same lender)

Current lender is Halifax and bank is lloyds.

Are secured loans a bad option for extending?

Thanks again

ACG

You want extra money so they will credit check you and assess your icome as it stands.

ld1978

What if we just try and add him to the mortgage for now and overpay and get more equity before looking to extend?

ACG

I think they will still assess your income and expenditure.

Why not pick up the phone to them and ask? theyre not going to ask for the money back because your thinking of making alterations. You could have their official answer from the horses mouth.

ld1978

Ok well I called and about as useful as a chocolate tea pot! On hold for ten mins and they guy on the phone has to get a call back as he can't tell me! He didn't even know if we would both have to go through the application process or just my husband. As for additional borrowing that was another team again so I didn't even bother!

I will see what they say when they call

ACG

Haha...oops. You would think they would know that really.
I think what I have said is correct but it is better to get the answer (hopefully the right one) from the company directly just to be safe.

ld1978

Ha yes you would think so. Let's see what they say - if they assess me I'll have to leave as is. I want to be able to move to a new product next year with no checks (which I think you can do if you don't take advice)

On the plus side their recent valuation was high meaning my ltv is now 69% (put 15% deposit July 2014) let's hope house prices don't slump by next year

ACG

For the record, second charge loans and possibly going to become more heavily regulated in the new year (march time), so its worth looking into it asap as you could find it becomes more difficult to get a second charge then - I genuinely have no idea how it will all work out but its worth thiinking about if you think you might have difficulties getting one.

ld1978

Thanks for the heads up. I don't think I'd get one now for being part time are secured loans a bad way to go? It's crazy as on paper we can't afford it but obviously I have my husbands salary too. Or just keep paying the mortgage until we can afford to extend. I'm hoping it will add value