a few words of advice plz

rivig99

hi

I'm currently with NR and my deal ends in august '08. A few bits i would like help on we have a joint mortgage for £96,000 house worth £130,000 - thats the good bit

I have one CCJ and with CCCS so I have a less than perfect credit record, whereas as my OH has an excellent credit record :T
1. would it better for him to go solo? or not
2. we are looking into adding his debts to mortgage or would this complicate things? (got 25k loan and 5 k c/c)
3. Would it better to go see adviser?

we've not missed any mortgage payments :A

been looking at egg and PO
any advice would be great

ty

rivig99

sarkin

Hi Rivig

PO and Egg will not take anyone with bad credit thats why they have low rates.

IF you just have your partner on the mortgage will his income cover the whole lot if not then you cannot come off.

You need to speak with a whole of market broker to place this as you have adverse credit history

rivig99

hi

thanks - his income should cover it £30,000+ thats why i've been looking at egg as they lend at the same as mortgage rate - which would cover the loan
:rolleyes: and c/c without adding it to the mortgage

:eek: another hair raising fact of my mortgage was ERC of £7,000 because I took out a really low rate and didn't think too much into future :mad:

thanks again

rivig

herbiesjp

You should be ok with his sole income.

The credit card and loan will impact on his mortgage potential, but you should still be fine even after taking those into account (and the fact that your income will still be there also)

Do you understand the implications of not being on the mortgage?

You will however have to be named on the mortgage application, as you will be living in the new property, and it could impact on your application (not seen it happen that often though). There is a question that normally asks "please list anyone over the age of 17 that will be living at the property"

rivig99

hi

I'm not 100% on what exactly it means but i know i'll have no credit record for it which in the long run could be a bad thing. any extra considerations will be welcome!

I've still got research to do and three months before deal ends and failing that we have got three months off paying after that (yes i know not paying extra interest) payment holiday - but thats another one............:o

thanks again

rivig99

dubsey

Make sure you thoroughly look into any implications. Years ago (14 to be exact) when we bought our first house I had previous poor credit history and the bank would not accept me on the mortgage. The only way we could buy the house was for my DH to do the mortgage on his own but, I had to sign a disclaimer giving up any ownership of the property etc. Basically our solicitor (who advised me against signing it) told me if my DH wanted to kick me out he could and I would have no say in it at all. We were not married at this time but I was 6 months pregnant.

Things have probably changed in that time and although you amy think that will never ever happen, please look into it before you decide to do anything.

herbiesjp

Nearly forgot

If you took yourself off the mortgage, then there would be a cost invloed to do this transfer of equity