Question about old debt and mortgage

lookstraightahead

I’m just looking for help, sorry.

lookstraightahead

So to clarify, if my husband takes out a mortgage in just his name, I’m seen as a dependant?

csgohan4

lookstraightahead wrote: »

So to clarify, if my husband takes out a mortgage in just his name, I’m seen as a dependant?

where are you going to live? as the wife?..... Either way you need to find a broker who can match a lender to your circumstances and makes the best of it. There are lenders out there will accept just one applicant from a married couple

C.M.

You are ie we'd ad a dependent when affordability is calculated as your husbands earnings pay for both of you to live - by your own admission you earn a very small ad hoc income; you are not supporting yourself - you area couple and the joint income supports you both.

So you are dependent on your husbands income - and his living costs would be calculated as higher than those of an individual living alone.

enthusiasticsaver

If you are going to live in the property as presumably you are then you need to be named on the mortgage and the deeds especially if anything happened to your husband. Is there any reason you do not want to be named on the mortgage? A credit card blip from 3 years ago may not necessarily exempt you from having a mortgage.

If you still have £90k of available credit showing I would close some of the cards down. Keep the oldest ones.

fatbelly

lookstraightahead wrote: »

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.

Records stay on your file for six years after they are defaulted or settled, whichever occurs sooner. If yours were defaulted maybe they are going to disappear sooner than you thought. If they never were defaulted (as sounds likely) then yes they do remain on file but with zero balance and no negative markers.

The only issue might be the large availability of unsecured credit but I'm not sure how a mortgage lender would view that.

lookstraightahead

Thank you for your help - maybe it’s best to look at joint mortgages then. I’m open to any suggestions it’s nice just to not have debt.

lookstraightahead

Another option is to carry on renting and save like mad until we could afford to buy a property (albeit small) outright in, say, four/five years time.

Does this sound like a better way of doing it?