cookstar

iTrader: (6)

I have moved in with my partner, who owns her own flat. Now we would like to soon move on to a house.

Problem being my credit history is not too hot. Will this really be taken much into consideration being that there will prob be around £40-£50k put down on a house worth approx £225k

She has superb credit history and has paid the mortgage and bills on the nail always.

Actual earnings are quite good between us, so making the payments wont be a problem etc.

Also I Had a mortgage a few years a go for 3 years, which was also serviced well, will this help?


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Northern Nick

iTrader: (1)

Just my 2p's worth

If your putting 40-50k down as deposit and on paper you can make the payments then you shouldn't have to much trouble, after all, they only need to get 185k back for a house worth 225k, if the house is worth 225k, that could be a factor.

cookstar

iTrader: (6)

That was my way of (hopefull) thinking.

failing that someone mentioned a "self-cirt" mortgage, but you seem to get very high rates for those.

EddScott

Don't get ahead of yourself with worrying about self-certs.

Speak to a mortgage IFA and see what they say.

cookstar

iTrader: (6)

Will do, going to book some viewings soon, is it not a good idea to deal with the ones that are actually based in the estate agents. Or are they fully independant also?

PaulC72

get your mortgage sorted as soon as you can as ti will give you a better situation to progress plus you will have all the answers ready.

You could always check out your credit rating situation on one of those sites is it equifax or somethign like it?

AndyC_772

iTrader: (2)

Just be careful speaking to independent mortgage advisors - even though they're free to choose from many different providers, they still have their own interests at heart, and may not necessarily mention options that are available to you that would result in less commission for them.

If I were in your position, I'd:

- find a comparitive review - a magazine or web site - to see who is offering the best deals for people in your position, then

- make an appointment to see a mortgage advisor for that company, and see if your credit history turns out to be a problem. If it is, then once you've tried a couple of companies direct, you can always try an IFA.

I know that sounds an odd way round to do it, but it means you'll first of all be getting the attention of someone who wants to sell you a mortgage, and who should therefore be able to offer you the most competitive deal they can, rather than someone pretending to offer the 'best product available on the market given your credit history'.

cookstar

iTrader: (6)

Thanks for the advice so far

Luminous

iTrader: (3)

I'd try a few mortgage advisers. The deal you are offered does depend a lot on their experience as well as their ability. Some things are not always entered into their database that can help you.

They are currently falling over themselves to help people. No reason why not to pit one against another Oh, and don't pay them any fees for their help. They get commission, if they don't like that then they should have chosen a different career

lozgti

Seem to be real contradicting reports as to whether lenders are becoming really strict on their lending criteria now or not.However it seems they once lent to anyone and everyone.

You sound like a different matter with good deposit,income etc.Should be ok

You will soon find out when you start applying if there are problems

jaytc2003

iTrader: (1)

I would not personally use an advisor associated with an estate agent. We did on out first property and got screwed on the life insurance.

We were paying £35+ per month for it (my mum died of cancer so they took that into consideration even though I dont smoke and neither does my wife)

Imagine our shock when our bank offered Life insurance with the same company (Legal & General), for less than £13 (we actually copied our details from the previous application as well, obviously the age was changed)

jaytc2003

iTrader: (1)

good deposit will mean a lot so should be okay, the fact you have had a mortgage previously and paid on time ect will put you in good sted (they will see that on your credit profile), no matter what though, there are lenders who will deal with adverse or bad credit and not bad rates (talking less than 7% fixed so not too bad)

I was in this position on the first house, had CCJs that had cleared but will still on file (last year for them on the file when applying for the first house) so we ended up with GE Money and the rate was 6.* fixed for a few years so paying slightly over what we would have done with another lender but nothing unmanageble.

After 2 yrs, we moved house to a double size mortgage with abbey national, they cleared me no probs

Artful_Dodger

Find youself someone who claims to be an independent broker - before you get down to business they should disclose (i.e. explain) to you their "scope of service" - they should be able to search to whole market to source you a deal. If they offer deals from a "limited number" or a "single provider", then move on.

Getting decent deals with an adverse credit rating (even if some time ago) is getting more difficult - credit squeeze is biting. Your deposit size plus earning and previous good track record will act in your favour - maybe approach the lender you had previously? You might find you'll end up paying a slight premium over the best rates. Good luck.

This might be useful - FSA - The Financial Watchdog - Regulating UK Financial Services

girl-in-a-scoob

https://ifapromotion.co.uk/

Here you go Cookstar

IFAS in your area

Jamescsti

As others have said I would get your mortgage in place first,

I've just bought a house, get the keys in 11 days and counting!
But we got a far better response from the estate agents than we would have done as we had a mortgage guarantee in place.

P1-Brad

I've used this before on a couple of occasions and it's very good and obviously totally impartial (unlike a lot of 'comparative' websites) ... might not show up the best deals (which are only often accessible by brokers) but will give you a good indication and you'll know if your broker is offering a good rate / fees for the type of mortgage you want, relative to the rest of market.

al4x1

try your own bank as well, they know your account and seem to be more flexible. It may not be the cheapest but I've recently had to buy my ex out of my place and have managed to wangle a 10x mortgage without having to go self cert.
On that subject obviously you won't anticipate not being together but if the worst happens long term fixed rate mortgages cna be hellishly expensive to get out of so watch the redemption penalties. personally i've not much time for IFA's I'd prefer to do the research on products available then go and discuss options rather than being sold something where they earned most comission

cookstar

iTrader: (6)

really appreciate all the help and advice so far, will sit down tonight with the other half and go through it all, it may well be worth contacting her existing mortgage company to see what they could do.

Would they just add me and release more funds, or would they insist on having a whole new mortgage?

She has only had it for around a year

P1-Brad

Not sure on the answers to your last question, I imagine you'd have to take a second mortgage (as she'll probably still have redemption penalties on the existing one), and then have your name added to her current mortgage.

For refence, First Direct are doing a 4.99% 5 year fixed offset mortgage (fully portable) ... worth a look.

David Lock

One used to be able to get mortgages that you could take with you if/when you moved. Just a thought for the future as it will save hassle and fees next time. But only do it if rates are competitive. dl

(just seen ref to Portable mortgage above.........)

dunx

iTrader: (3)

Not quite relevant but don't forget to screw them on price if your mortgage is sorted.... and with no property to un-load screw them for a BIG discount.

DunxC