Mortgage advice needed!!!

Jayne_dele

Hi

Me & my husband are looking to buy a house but unfortunately he took out a Debt Relief Order in June 2015. This finished in June 2016 and he is off the insolvency register but the DRO will stay on his credit file until 2021.

We're looking at using the H2B Equity Loan scheme as we've got a £15,000 deposit and are looking at a new build that's not due to be released until Sept 2017 for completion in March 2018 but I'd like some advice now so we don't get our hopes up.

I'm in a £30,000 a year job and my husband has been fortunate to land a job earning £24,000 since his DRO finished. He's doing everything to try & build his credit score back up...phone contract, high interest/low amount credit card and using credit ladder but I'm wondering if by this time next year it'll be worth putting him down as a second applicant on the application or will my mortgage broker at least take his wages in to consideration if I apply on my own???

Any info would be gratefully received...

ACG

I actively avoid HTB equity loan mortgages so I am not 100% on this but I do not think he will be eligibile for an EL mortgage for at least another 2 years (3 years discharged).

His income can not be taken in to account if he is not going on the mortgage, but the biggest issue is that most lenders would want you to both be on the mortgage as you are married.

Personally I think you will only get a Mortgage using your sole income with a 10% (or more) deposit or a joint mortgage with a 25% deposit... all of which would need to either be a gift from family or savings. But it is worth speaking a to a broker to look at your full situation and see what can be done as I am working off limited info.

Neutrinno

I would say he would unlikely be eligible until at least 3 years of it being discharged and even then it could be an ask. HTB schemes are generally for very clean credit worthy people. You can't name him as a 'second applicant', you are both equally accounted for to lenders, which means you will both be assessed the same. You could see if any lenders would do it just on your name, which would be tricky with you being married and obviously they could only use your income then. A broker would help.