Mortgage advise with Poor Credit

elwolfio

Hi hope someone can advise me its a bit of a long story

In essence i have poor credit (Mortgage defaults from previous marriage and a CCJ dating back to Nov 2020 which was satisfied in May 21)

I've just come come through a messy divorce Jul 22 Decree Absolute issued. My ex refused to pay the mortgage on the marital home despite living there hence the mortgage was in default. The house has recently been sold and mortgage has just been resolved as of Fri just gone.

No excuse as a result of a particularly torrid time i also ended with a CCJ by burying my head. 

I am lucky that i am now remarried and have a decent job not far off 6 figure salary.

What i am trying to gauge is what are the options in terms of a mortgage going forward with my wife. We would both like to move and have a property to sell but can'y see how we can both apply for mortgage?


Current property est £380 
Current mortgage 90k
Looking at property £480 if viable

Joint income £145k 

My wife's credit rating very good, mine poor because of the above.

Brie

If you have a 6 figure salary (aka over £100k) then your wife has one under £45k.  Would she be able to get a mortgage on her own?  Whose name is on the current mortgage?  

I'm thinking that what you're looking at is a new mortgage of about £190k and I doubt you wife could get that just on her salary.  If however the £90k mortgage is in your name and not her there may be the option to port it to the new property and get the extra based on the fact that she will also be contributing.

ACG

Mortgage defaultS? Are we talking actual defaults or arrears? How many mortgage defaults do you have? 
Normally if you end up with a default on a mortgage I would expect a repossession. That does not appear to have happened? 

If they were arrears that have only just been cleared, I think to an extent that is worse than if there were a default registered in November 21 as you are 18 months on from that rather than 1 month if it were arrears. 

I have a lot of questions, but I think the general rule for me would be if everything was still ongoing 2 months ago, then you are going to have to wait until the adverse is 6-12 months behind you. Rates wont be great. If the default was the last real issue, then you may stand a chance now, but again rates wont be great. 

I think you would be best getting your credit report and speaking to a broker personally. 

elwolfio

Hi thanks for the reply unfortunately the current mortgage is in her name (Her previous marital property) Hence the reason to add my earnings .

My earnings 96k  wifes 50k 

elwolfio

Thank you.

Long story (again) my ex had some ill health and used that to secure a payment plan with mortgage company hence no repossesion.

She paid a nominal amount on the account which show as default on credit search

ACG

Its tricky, you have a reasonable deposit. It might be a little too soon, but it really will depend on the details. I think its one where you will need a broker and rates will be on the high side (maybe 7-9%).