No mortgage for a while - will we get another?

nadine12

I am currently in the process of putting my house up for sale as we are buying my parents house off them. We are getting a very good deal as the house was recently valued at £167 000 and my parents are selling to us for £140 000. When we sell the house we will obviously be paying out mortgage and secured loan off in full. This will cost us around £2 500 in fees as the mortgage is fixed until 2010. My parents however are fixed in until July 2009, and will end up paying almost 10 grand in fees if they re pay early. How we have been advised to get around this is to pay my mums mortgage until the fixed period is up, then do the sale and remortgage in our names. (She has inherited a property so her mortgage is not an issue). We have been told this shouldn't be a prob as we will have a fair bit of equity in the property (we also hope to make around 10 grand on our house which will also go towards the purchase, therefore new mortgage will be 130 000 so over 30 000 of equity in the property). What is worrying me is, is this likely to have a positive or negative effect on our credit history and rating? Our credit history is already very poor, we are getting everything straight now and with the sale of the house will be able to pay most of our debt off and start afresh. Just worried about getting a mortgage in a years time if we have been off the radar so to speak. Also, things like utilities and council tax etc, will these have to stay in my mums name?