Second time around

claireamac

I'm about to go for a joint mortgage with a wonderful partner but.....I had a mortgage with an ex over 20 years ago but signed the house over to him when we broke up. Do I still qualify for any first time buyer deals with my new partner? 
Also, my credit rating is good but I had another bad relationship with someone who applied for pay day loans in my name. It was over 7 years ago but am still paying one off. Only have £125 to pay on it and am trying to get rid of credit card debt. Do I need to mention the payday loan when we apply for a mortgage? I really don't want to let my partner down because of a few bad choices 😦

MattMattMattUK

claireamac said:

I'm about to go for a joint mortgage with a wonderful partner but.....I had a mortgage with an ex over 20 years ago but signed the house over to him when we broke up. Do I still qualify for any first time buyer deals with my new partner? 

Unfortunately not, if you have previously owned property then the answer is no.

claireamac said:

Also, my credit rating is good

Your credit rating is entirely meaningless, ignore it.

claireamac said:

but I had another bad relationship with someone who applied for pay day loans in my name. It was over 7 years ago but am still paying one off. Only have £125 to pay on it and am trying to get rid of credit card debt. Do I need to mention the payday loan when we apply for a mortgage? I really don't want to let my partner down because of a few bad choices 😦

You need to declare all other debts when applying for a mortgage, to not do so is fraud and could result in some very serious consequences. If you cannot be honest with your partner about the state of your finances you should not be thinking of merging your finances by getting a mortgage. Many people find buying a house stressful, it is also expensive and requires one to be sensible financially, as well as all parties being fully aware of their financial statuses before doing so. 

I would advise you speak to an independent mortgage broker to get a good idea of your potential borrowing options. It may also be worth posting an SOA on the Debt Free Wanabee section of the forum as you say you are trying to get rid of credit card debt, but that does not sound particularly successful, and the fact that you cannot just clear a debt of £125 indicates that money is tight, which will further impact any potential home buying. 

https://www.lemonfool.co.uk/financecalculators/soa.php

silvercar

If you have ever bought before, you won't count as a first time buyer unfortunately.

Anything 7 years ago shouldn't still be a problem. The one payment you are still making shouldn't be an issue in itself. Your outgoings may effect affordability, though £125 is not significant. The credit card debt will need to be declared.

claireamac

MattMattMattUK said:

claireamac said:

I'm about to go for a joint mortgage with a wonderful partner but.....I had a mortgage with an ex over 20 years ago but signed the house over to him when we broke up. Do I still qualify for any first time buyer deals with my new partner? 

Unfortunately not, if you have previously owned property then the answer is no.

claireamac said:

Also, my credit rating is good

Your credit rating is entirely meaningless, ignore it.

claireamac said:

but I had another bad relationship with someone who applied for pay day loans in my name. It was over 7 years ago but am still paying one off. Only have £125 to pay on it and am trying to get rid of credit card debt. Do I need to mention the payday loan when we apply for a mortgage? I really don't want to let my partner down because of a few bad choices 😦

You need to declare all other debts when applying for a mortgage, to not do so is fraud and could result in some very serious consequences. If you cannot be honest with your partner about the state of your finances you should not be thinking of merging your finances by getting a mortgage. Many people find buying a house stressful, it is also expensive and requires one to be sensible financially, as well as all parties being fully aware of their financial statuses before doing so. 

I would advise you speak to an independent mortgage broker to get a good idea of your potential borrowing options. It may also be worth posting an SOA on the Debt Free Wanabee section of the forum as you say you are trying to get rid of credit card debt, but that does not sound particularly successful, and the fact that you cannot just clear a debt of £125 indicates that money is tight, which will further impact any potential home buying

the fact that you cannot just clear a debt of £125 indicates that money is tight, which will further impact any potential home buying. 

I'm not saying that I can't afford to pay the £125, I just wondered if it was worth paying it off in full or putting the money towards the credit card debt. I've paid off a considerable amount in the past twelve months. My partner is aware of my past , we don't have any secrets and he has been amazing. That's why I want to get things sorted before we move forward. 

JustMe18

You need to pay £125 ASAP, as this will indicate you are struggling?  House purchase involves a lot of money, deposit, fees etc. £125 shouldn't really be a problem for you to be paid off before you even start this process.

claireamac

silvercar said:

If you have ever bought before, you won't count as a first time buyer unfortunately.

Anything 7 years ago shouldn't still be a problem. The one payment you are still making shouldn't be an issue in itself. Your outgoings may effect affordability, though £125 is not significant. The credit card debt will need to be declared.

Where would be the best place to start for some independent advice? I'd like to sit down with someone and go through it all before applying so they can tell me whether or not we should have a joint mortgage? If I go to my bank would it go against me in the future or would an independent financial advisor be the best option? 

x_raphael_xx

claireamac said:

silvercar said:

If you have ever bought before, you won't count as a first time buyer unfortunately.

Anything 7 years ago shouldn't still be a problem. The one payment you are still making shouldn't be an issue in itself. Your outgoings may effect affordability, though £125 is not significant. The credit card debt will need to be declared.

Where would be the best place to start for some independent advice? I'd like to sit down with someone and go through it all before applying so they can tell me whether or not we should have a joint mortgage? If I go to my bank would it go against me in the future or would an independent financial advisor be the best option? 

Going to your bank won't hurt. You're only gathering info for a hypothetical at this stage. 

Edi81

Get your credit reports and find an independent mortgage broker(a financial advisor is unlikely to deal with mortgages).