A confused first time buyer...

Paulliverpool

Hello all, hope this is in the right topic.

My new wife and I are about to go to the bank and ask about a mortgage. Trouble is, I was very recently quite ill. In the middle of a psychology masters.

I took out a Career Development Loan, thinking to do the MSc in a year then go straight onto a PhD which would give me a grant to pay off the MSc loan.

I got ill, took two years to do a 1 year course, then couldn't apply for the PhD, couldn't get a job, and suddenly I had a 10k loan I couldn't pay off.

Long story short, I had to get a Debt Relief Order. No more debt but I have a catastrophic credit rating for the next 7 years.

So my question: things are better now, I have a fixed term job in the council til March 2018 that will probably continue, starting on £23k. My missus is a teacher on a permanent contract earning about £30k.

I cannot apply for credit obviously, but when she goes to her bank, is it better for us if I say I will be paying all the bills etc, or if I just stay out of it and let her do it on her own? Don't know whether saying I will be contributing will help us get a better deal, or whether it will scare a creditor into viewing us as more of a risk.

Thanks

brodawel

I think you will find the mortgage adviser will advise the best way forward. He/she won't be judging you, they will work with the facts and find the best way. I wouldn't hold back telling them the full story, just let them see which options are best and take it from there.

smile88egc

How long ago was it that you had the debt relief order?

Just be honest and give the mortgage advisor all of the details, holding back will land you in hot water down the line.

If you've managed to save a good 20 or 25% deposit you may be viewed as less risky by lenders and your history may count for less.

Good luck with your appointment!

kingstreet

You'd be better with an independent broker than going direct to a lender. The chances of you just happening on one which will accept this is slim.

The broker will go over current and lender options and timescale them with you, as well as cover potential sole purchase options for your partner.

G_M

Don't go to 'the bank'. They will only offer you a mortgage based on that bank's lending rules.

Go to an independant mortgage broker, who can advise on which of the 927 different lenders would be most likely to lend to you, and which would offer the best interest rate etc.

cashbackproblems

agree do not go to a bank they will have strict lending critereas, a broker will advise based on lenders more likely to consider you

if you are not on the mortgage then you don't have the same rights to it as your wife, i know in a divorce case they wil still consider your contribution as its a marital asset, but she would be in the driving seat

KiT155

Sorry to hear about your dealings with CDL loans and your illness.

I would imagine your credit history would still affect any application your wife made, so you are likely better off applying together anyway, at least then you have a larger income to take into account. But, as others have said, it is the independent brokers that will be best to advise you. nothing to lose in booking a meeting a going through it all with them.

Good luck