How can we get our own house?

Baby_A

My husband, myself and my baby all live in a rented flat. We are paying £750 plus bills and would much rather be putting £750 a month towards my own house.
My husband has outstanding debts, which are in the process of being cleared but he has CCJ's against him.

I am not working as I am home with my baby and once I look at nursery prices it seems pointless going back to work as I come home with very little.

I dont know how to go about getting our own mortgage. My husband has had a mortgage but we had to sell the house to pay off his IVA. They are more or less on the way of being cleared but we are going to be left with nothing.

Conrad

Baby_A wrote:

My husband, myself and my baby all live in a rented flat. We are paying £750 plus bills and would much rather be putting £750 a month towards my own house.
My husband has outstanding debts, which are in the process of being cleared but he has CCJ's against him.

I am not working as I am home with my baby and once I look at nursery prices it seems pointless going back to work as I come home with very little.

I dont know how to go about getting our own mortgage. My husband has had a mortgage but we had to sell the house to pay off his IVA. They are more or less on the way of being cleared but we are going to be left with nothing.

Due to your adverse credit history you will need a deposit. It is likely that at least 10% will be needed.
I get enquiries like yours daily, so I assure you a minimum 10% deposit is likely.
Unfortunately the interst rate will be high. I usually ask people to consider a fixed rate that DOES NOT have a hefty early repayment charge after the fixed rate ends (typically 2 or 3 years).

Be very careful as many brokers are not competent when it comes to adverse history cases, especially the larger 'call centre' style operations that invariably tend only to use a handful of lenders despite them giving the impression they have sourced the whole market.
Many brokers I know simply farm out the case to a third party packager and dont provide the high quality advice you need.

DO NOT PART WITH MONEY UNLESS YOU ARE AS CERTAIN AS YOU CAN BE THAT A SUITABLE OFFER IS AVAILABLE.

Watch out for products that start low but shoot up in year 2 or 3.
Lastly beware brokers offering low rates to 'suck you in'. It might be that you get a call in 12 weeks time saying that the mortgage has been offered but the rate is higher than that you expected.

Best of luck.

Baby_A

Does it help if I am working and I get a house on just my name? Does that make the intrest rate less or do they still take my husbands CCj's in consideration?

Is mortgage value still worked out 3 x salary, if so there is very little we could afford in central london on my husbands wages. Also his wages are commission based so some bad months and some good months, how is it worked out?

If we are both working is 3x both combined salarys?

Sorry so many questions, just hoping there is a way out!