Question about old debt and mortgage

lookstraightahead

Hi all

Through various life issues (divorce, housing market, stupid decisions ... mainly stupid decisions) my second husband and I found ourselves in a lot of debt £90k plus. We have worked hard to pay it off by ourselves and two years ago became completely debt free and have stayed that way since. We have two cars paid for and no loans, and no assets.

We rent at the moment and would like to buy somewhere next year. I have an advice income averaging about £10k and my husband has his own business and accounts (business us about 8 years old). His credit file has no blips, mine has one credit card 3 months late from three years ago which was a stupid oversight.

We are looking at paying about a 40% deposit with about 2.5 times husbands salary as a mortgage. Just in his name. We have no ccjs, other late payments etc. We now don’t have any dependants either (both in forties).

My question is .... the £90,000 between us still shows on our files. We could wait another 4 years before buying but would like to buy rather than renting. Will this be a massive issue by this time next year? Just to add we still have all this credit available on our cards - should we close some? (Lots are from 20 years ago, barclaycard etc)

Sorry for the long boring post.

lookstraightahead

Sorry I mean an adhoc income

Thrugelmir

Why is the application just in your husbands name?

What is the source of the deposit?

When you say you repaid your debts. Was this is in full, through a DMP etc.



If you click edit beneath your post you can amend what you've previously written.

lookstraightahead

We paid through income mainly, and the final £20k was an inheritance. We didn’t have a dmp or anything else. It’s been hell but worth it ��. The deposit is savings (sorry we have done savings at the moment in a current account which we have been putting aside each month since the debt was repaid)

lookstraightahead

Also just in his name because of my erratic income and my 3 months late payment.

csgohan4

A lot of lenders do not allow this as you are a dependent and will want you on the application regardless. Engage a broker who deals in adverse credit. However with that level of deposit I think you are more than likely to be successful

kingstreet

lookstraightahead wrote: »

the £90,000 between us still shows on our files

How can this be if it has been repaid?

lookstraightahead

Sorry the debt us showing from two years ago

lookstraightahead

How would I be seen as a dependent?

csgohan4

lookstraightahead wrote: »

How would I be seen as a dependent?

Who is your second husband married to???? Who has a vested interest in the property other than the applicant??

lookstraightahead

I’m not trying to be argumentative, I’m just wondering how I would be a dependant? If it’s his mortgage then clearly I couldn’t have a vested interest in his property, I just wondered in what respect I would be a dependent (maybe interested party).