We are lucky enough to have been gifted a substantial amount of money (from my husband’s fsmiky) which we are using to buy a new build detached 4 bed. We are renting so it’s our first home. My husband has been in his job (a permanent job) for 11 months but I left my permanent job last year and am on a well paid but freelance contract which I only started last month.
While we were deciding to apply for a mortgage I found a default on my credit record. It was from 12 years ago when I part settled a loan: I found this out when I did my credit record so I called up the company that now owns the debt. I can pay it off in the next few months but it would still go in my credit record.
So because my husband’s income can cover all our bills we have had to make the decision that he takes out the mortgage but this means he owns the property. Neither of us have built up assets outside our marriage and we aren’t too bothered. Our DC are 10 and 6. When I decide whether to continue the contract or go permanent (and when I don’t have a default) we may decide to see if we can put me in the mortgage. I use my full ISA cash allowance to set aside money so I will keep putting money in there and then pay down the mortgage when I’m on it. However a couple of friends have said I should be worried. Now I’m thinking I should be...