Hi,
I've been following this forum for a while and there are so many helpful comments that now I find myself in a bit of a situation I thought I'd see whether anyone can help me.
I am married. My husband and I have never owned a property. We were saving for a mortgage, aiming for a 10% deposit, I had hoped we would be in a position to start looking in about 4 months. Unfortunately a month ago I found out my husband had a credit card with 4.5k and was maxing out his overdraft of 2.5k month. I was not aware of this at all and it surprised me as we are both in good jobs and have no legitimate reason to be so in debt.
We are fortunate enough that with some of the money I had put aside we were able to clear the debt in full. We have now gone through his accounts so I can see where things went so wrong and this is being addressed now. But worryingly some of the money about £400 per month was being spent on gambling. There was also a late credit card payment in October, although this has not shown up on any of his credit reports to date.
I think what I'd like to know is how long would my husbands accounts need to be in good order for before we would be considered for a mortgage? I'm not looking to rush into anything as he has some proving himself to do but I need to know how much damage this will have done to our chances and what, if anything we can do to rectify it.
Many thanks in advance.