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clueless_wonder

Hi

Just need some guidance on whether or not i would be able to get a joint mortgage with my partner whilst having defaults and a CCJ on my credit file.

My defaults are from 2017 and CCJ is from 2018.  My partner has a clean credit file with no outstanding debts. We earn just over 80k combined.

Would it be possible for us to get a joint mortgage and if so could that property be ceased because of my unpaid debts?

Thanks

K_S

Martan7 said:

Hello, I'm trying to get an idea/do a bit of planning towards getting a mortgage, but have no idea what I would be offered or when.

Situation is:
Me and my wife, renting parents house (they've moved abroad) at £700/month
Plan is to buy the house on a concessionary basis, current value is ~£330k discount of £50k, so just over 15%, this would hopefully be the deposit.
I am currently paying off a DMP which I self manage, so have 8 defaults and a couple of arrangements. I'm a year and a bit in, and should be cleared in another 3 years. Debt at the moment is £22k.
Total income for the 2 of us is about £70k, both just from full time employment.
Obviously right now I don't have much of a chance, but what I want to know is realistically how long would we be looking at before we would be able to get a mortgage, and would we need to have any extra deposit on top of the equity?

Thanks very much in advance

@martan7 Very very generally speaking, based on the limited in your post -

- I'm not entirely sure what you mean by a "self managed DMP", but most lenders who lend to active DMPs will require the firm to confirm that you are conducting your DMP well. If you can't do that, then essentially you may not be seen as being on a DMP.

- there's not nearly enough info to give an informed opinion, but from what I can see you are likely to struggle with a 15% deposit.

You are currently renting the house you want to buy, at a very reasonable rent of £700 for a £330k house. Unless there's a particular reason you want to move quickly (and pay a potentially exorbitant interest rate due to your credit history), I'd suggest focusing on clearing up your credit file over the next couple of years. Good luck!

K_S

clueless_wonder said:

Hi

Just need some guidance on whether or not i would be able to get a joint mortgage with my partner whilst having defaults and a CCJ on my credit file.

My defaults are from 2017 and CCJ is from 2018.  My partner has a clean credit file with no outstanding debts. We earn just over 80k combined.

Would it be possible for us to get a joint mortgage and if so could that property be ceased because of my unpaid debts?

Thanks

@clueless_wonder Based on the very limited info in your post, a 3+ year old CCJ and r+ year old defaults should not necessarily stop you from getting a mortgage. It all depends on the specifics of what is on your credit report and your requirements.

I can't comment on the last question as I'm not a debt advisor. I've never heard of property being "seized" for unpaid unsecured debt, and if things were that bad, you're unlikely to get a mortgage anyway 

Cleveland21

I’m looking for opinions rather than advice here as appreciate all very subjective.

I have a mortgage with a fix of 2.24% due to expire December 2022. Currently, I could lock in a new fix for 5 years at 1.31% but would have to pay an early termination fee of 3%. Net gain over the 5 years of nearly 2% of rates are no better than my current fix next December.

It’s playing on my mind no end and my gut says, fork out the £10k early repayment to lock in the fix. This is purely based in all the interest rate increase hype. What are people expecting mortgage fixed rates to be December next year? I’m thinking of base rate is back at 0.75% we must be looking close to 3% for a 5 year fix?

appreciate opinions

mancdude

Hello, my existing lender has declined a remortgage (with further advance) via a broker, stating the reason was because we haven't applied directly. What are my options here? 

[Deleted User]

mancdude said:

Hello, my existing lender has declined a remortgage (with further advance) via a broker, stating the reason was because we haven't applied directly. What are my options here? 

doesnt sound like a real decline reason.   Who is the lender? 

mancdude

Deleted_User said:

mancdude said:

Hello, my existing lender has declined a remortgage (with further advance) via a broker, stating the reason was because we haven't applied directly. What are my options here? 

doesnt sound like a real decline reason.   Who is the lender? 

Hi, it's Santander - they didn't give any other reason and the broker is now querying it as he said he'd never had recommended it had he'd been advised he couldn't apply for us. 

Lexi30

Hi, l’d be grateful for some advice on getting a first time mortgage at 51 years old.
I work for the NHS (7 years) currently earning £25,665 but I receive a pay step up in November to £27,780. 

I get paid unsocial hours enhancements on top of this for around 50% of my shifts plus I try to do as much overtime as I can.
 My wages for year financial year ending April this year was just over £30,000.
I have saved a deposit of £15,000. 

I am currently renting and really want my own home before it’s too late (circumstances prevented me from doing it before now)
What are my chances? 

Am I wasting my time even thinking about it? 

If there is a possibility how much am I likely to be able to borrow?
I have no ccj’s or Debt.
I have one unused credit card and one unused catalogue account.
Your help would be gratefully received.

K_S

Lexi30 said:

Hi, l’d be grateful for some advice on getting a first time mortgage at 51 years old.
I work for the NHS (7 years) currently earning £25,665 but I receive a pay step up in November to £27,780. 

I get paid unsocial hours enhancements on top of this for around 50% of my shifts plus I try to do as much overtime as I can.
 My wages for year financial year ending April this year was just over £30,000.
I have saved a deposit of £15,000. 

I am currently renting and really want my own home before it’s too late (circumstances prevented me from doing it before now)
What are my chances? 

Am I wasting my time even thinking about it? 

If there is a possibility how much am I likely to be able to borrow?
I have no ccj’s or Debt.
I have one unused credit card and one unused catalogue account.
Your help would be gratefully received.

@lexi30 Based on the limited info in your post, you should be able to potentially borrow at least in the region of 125k or so, giving you a budget floor of 140k. The variable pay components mentioned may boost that further but it'll depend on the details.

There are also specific products which may allow enhanced borrowing figures based on your FTB status or your profession subject to qualifying criteria.

Overall, there's nothing in your post which indicates that you won't get a mortgage. How big a mortgage you can potentially get will depend on the specifics.

Lexi30

K_S said:

Lexi30 said:

Hi, l’d be grateful for some advice on getting a first time mortgage at 51 years old.
I work for the NHS (7 years) currently earning £25,665 but I receive a pay step up in November to £27,780. 

I get paid unsocial hours enhancements on top of this for around 50% of my shifts plus I try to do as much overtime as I can.
 My wages for year financial year ending April this year was just over £30,000.
I have saved a deposit of £15,000. 

I am currently renting and really want my own home before it’s too late (circumstances prevented me from doing it before now)
What are my chances? 

Am I wasting my time even thinking about it? 

If there is a possibility how much am I likely to be able to borrow?
I have no ccj’s or Debt.
I have one unused credit card and one unused catalogue account.
Your help would be gratefully received.

@lexi30 Based on the limited info in your post, you should be able to potentially borrow at least in the region of 125k or so, giving you a budget floor of 140k. The variable pay components mentioned may boost that further but it'll depend on the details.

There are also specific products which may allow enhanced borrowing figures based on your FTB status or your profession subject to qualifying criteria.

Overall, there's nothing in your post which indicates that you won't get a mortgage. How big a mortgage you can potentially get will depend on the specifics.

Thank you so much for your quick reply, as I am 51 I assume I would be best going through a broker?