Equity Share Mortgage

[PoorbutHappy]

A Builder in our town have a few houses available for locals under a 70/30 equity share scheme

On their paperwork it states that most lenders wont require a deposit.

I have an IVA, but it is the process of being completed after a F&F last year.

My wife earns enough to take on a mortgage anyway (earns £35K, looking at 110-115K mortgage. She wasnt part of my IVA

Our current rent is £600 per month so we used to paying that. We'd hope another £100 or so would be enough for a mortgaage

So my question is...is she likely to get a mortgage from anyone or will her association with financial black sheep me, rule this out

Which would be rather crazy as we actually now have no debts other than a car & a sofa.

PBH

[plasticdaft]

If there has been any joint financial links in the past then she may struggle to secure a mortgage. Did you get a car loan and credit for the sofa without trouble??

[PoorbutHappy]

Yeah - both with Black Horse (who she had car loan before)

We did used to have a joint bank account, with overdraft, which went into IVA, which she then settled.

We did an experian check, whixh looked OK to us, and they scored her 998/1000

[MelanieGiles]

I would go for it if I were you. Having been through and IVA (which I promise will be finished by the end of this week) you are unlikely to default on loans in the future, and if your wife has a good credit rating there is no reason why she should not get offered finance.

Property investment is probably still the best form of long-term savings.

[Shining]

All the best and hope it works out for you x

[kallis3]

Good luck from me as well - hope you manage to get one of these houses.

Let us know.

[PoorbutHappy]

We contacted a local Mortagage Advisor, details given from Builders. My wife applied for a 'outline in Principle'?, with Halifax, and it was declined due to her credit score.

Now we are well confused. Must be due to my IVA somehow

[Michael Peoples]

It may be an idea for your wife to get a copy of her credit file and make an appointment with her bank manager. They may be able to override the system if they can see that her own credit file is good and only the association to you is causing the damage.

It might not work but is certainly worth a try.

[PoorbutHappy]

Busy day....

Been in touch with another advisor, who seems also a bit more positive (and a bit more on the ball) and a bit more able to argue our cause.

Anyway will update when I know sum more.

Thinking I'm gonna vote for whoever is willing to actually lock up a few banking "professionals"

[PoorbutHappy]

Well me missus has a mortagage

Fingers crossed for a new home move by August. Site is still a field atm

Still sure summit will go wrong. Used a broker called Metro Finance

[Shining]

Congratulations.. fingers crossed for August for you x

[kallis3]

That's brilliant news! I'm sure everything will be ok and you will be in a nice new home in August.

Let us know when you move.