I've got a lifetime tracker mortgage with HSBC since 2007 - rate around .5% above base rate. I married last year and now we want to get out of the one bed flat and get a house.
My credit history isn't bad apart from one incident of helping my mum out (grrrrrrr!) who missed payments in Oct & Nov 2006, July 2007 and then she settled the account in August 2007. Other than that Im completely clean and have been in continuous employment for 23 years.
Hubby on the other hand, not so much. He's currently paying a bailiff for unpaid council tax. He says there is no other debt outstanding. (Illl be signing him up to Equifax and Experian to check that but I believe it to be true). Assuming that that's OK, he's also only been in full time employment for about 2 years.
Ive got around £50k equity in my flat and Im hoping to port the existing rate I have to a new property and then get another tracker mortgage to make up the difference on a new home.
Firstly, am I in cuckoo land that HSBC will port my great rate to a new property? Are they likely to reject an application to effectively reject the port? Our salaries arent high so it would make huge difference on what property we could afford if we cant port.
I'm 38 and hubby is 48. Am I right in assuming that we will only get an additional loan for a max of 17 years to take him to 65 or would they take my age into account? I'm also the one with the higher salary.
And is the credit history going to hurt? Obviously the bailiff won't show on a credit report but they will see a cheque for the same amount coming out of hubby's bank account each month and will want to know what that is.
My credit issue is obviously due to be removed from my history in August this year. Im assuming it would be best to wait until this has gone or will it not make that much difference due to its age?
Is there any more we can do to help ourselves?
Thanks in advance for any advice.
My credit history isn't bad apart from one incident of helping my mum out (grrrrrrr!) who missed payments in Oct & Nov 2006, July 2007 and then she settled the account in August 2007. Other than that Im completely clean and have been in continuous employment for 23 years.
Hubby on the other hand, not so much. He's currently paying a bailiff for unpaid council tax. He says there is no other debt outstanding. (Illl be signing him up to Equifax and Experian to check that but I believe it to be true). Assuming that that's OK, he's also only been in full time employment for about 2 years.
Ive got around £50k equity in my flat and Im hoping to port the existing rate I have to a new property and then get another tracker mortgage to make up the difference on a new home.
Firstly, am I in cuckoo land that HSBC will port my great rate to a new property? Are they likely to reject an application to effectively reject the port? Our salaries arent high so it would make huge difference on what property we could afford if we cant port.
I'm 38 and hubby is 48. Am I right in assuming that we will only get an additional loan for a max of 17 years to take him to 65 or would they take my age into account? I'm also the one with the higher salary.
And is the credit history going to hurt? Obviously the bailiff won't show on a credit report but they will see a cheque for the same amount coming out of hubby's bank account each month and will want to know what that is.
My credit issue is obviously due to be removed from my history in August this year. Im assuming it would be best to wait until this has gone or will it not make that much difference due to its age?
Is there any more we can do to help ourselves?
Thanks in advance for any advice.