Advice

tiredoflife

Myself and my husband are in an extremely lucky position in which we own our house outright. We haven't ever had a mortgage. My husband also has £80k ish in savings.

We are looking to move within the next few months but we aren't too sure where to begin.

I have had severe problems in the past with gambling and debt, gambling well and truly stopped and debts paid off thanks to a very kind relative. My bank also closed my account too.
I have been with my new bank since November 2015 but only started using it since May, husband has a perfect, unblemished credit record and mine is now looking a lot better with only 1500 left on a 0% credit card (previous debt £45k)
My husband was made redundant in July, but luckily got a job two weeks after and has been in post for 2 weeks.

So, our main questions are;

We are looking to get a mortgage, should my husband apply on his own due to my previous debt? I have never defaulted and to my knowledge have a good credit record now.

All our family keep telling us to go to nationwide for a mortgage( my new bank) for a mortgage. I think we should see an independent financial advisor. One family member said they will try and sell me all sorts of things as that's how they make their commission, but I feel independent advice would be beneficial.

What is the likelihood of us getting a mortgage? Our house is worth £330-£350k plus our savings, we are looking to buy 500-550k so not a massive mortgage, but still quite scary.

What sort of info is required for a mortgage? I'm guessing payslips? What about bank statements? This could be a problem for me as my bank closed my account. So I guess I might have to wait a few months?

Advice gratefully received.

amnblog

You clearly have no experience and little knowledge of getting a mortgage.

Your options are:

Work 'blind' yourself

Follow the opinions of family members who have little more knowledge than you

Engage a mortgage broker to assist you who does this every day

Your choice

AnotherJoe

When my daughter used a mortgage broker, he was outstanding, proving a wealth of advice and guidance on who with and how to best get a mortgage. As with most young people she was borrowing at the limits and this was vital. In your case, you'll be borrowing at the limits though in a different sense.

Given the newness of your OH's job, your past history, I'd say a mortgage broker would be pretty much essential. Given your history i doubt you'll get a mortgage right now without the use of a broker navigating the few lenders who would lend to you at this moment, so you are pretty much going to have to use one anyway.

The MB didn't try to sell my daughter a single thing and I'd be confident that would be true of any independent broker (independent, NOT one in an estate agent or similar) because they look to get their future business through word of mouth and repeat business.

tiredoflife

Thanks for the replies. I think we need to see an independent financial adviser.

I think it might be worth waiting until the new year. My husband would have been in work a good few months then and is also due a pay rise in December. Our child care costs should go down in April next year too which will help (currently 12k a year!)

Can anyone confirm about payslips and bank statements? I currently get electronic statements, do I need to switch back to paper? Do I need 3 or 6 months worth?

Again thanks for the advice.

cazzyd

As long as you can print the statement yourself this should be ok

AnotherJoe

tiredoflife wrote: »

Thanks for the replies. I think we need to see an independent financial adviser.

I think it might be worth waiting until the new year. My husband would have been in work a good few months then and is also due a pay rise in December. Our child care costs should go down in April next year too which will help (currently 12k a year!)

Can anyone confirm about payslips and bank statements? I currently get electronic statements, do I need to switch back to paper? Do I need 3 or 6 months worth?

Again thanks for the advice.

Independent mortgage broker. Different thing to an IFA. An IFA might tell you its in your interest to have a mortgage, a mortgage broker will help you get the best one.

Bigrachel

As commented upon above, a Mortgage Broker, not a financial adviser would be your best bet in this case. They are very highly regulated and as such can't work in their own interests against yours. They are even liable for the mortgage if they advised you to get something beyond your means.

I would suggest using a 'whole of market' broker under your circumstances as they will be able to scope out a wider range of options, and have access to smaller lenders who may be able to work outside the box due to your husband's excellent history. Make sure to ask for a free consultation first, just so that you know you aren't wasting your money, and shop around for brokers using a comparison site to make sure you're getting the best.

Good luck!