I want to get a mortgage in 3-4 years' time- please help me plan

[ICanDoThis2015]

Hi All, need all the help I can get to achieve my goal of buying my own house in 3-4 years.

Current salary £420000 per annum. Current credit card debt is about £9000. I hope to clear this in the next 18 months. Current childcare costs equals about £1400 per month. My husband owns (mortgaged) the house we currently live in (bought before we met and am not on the deeds). He has terrible credit history which is not likely to improve satisfactorily soon. We are therefore exploring whether an application on my own might stand a better chance. Husband runs a limited company and makes about £50 000 per annum pre tax.

3 bed houses currently going for around £250 000 where we are.

If we were to sell current house now I do not think any lenders would offer us a mortgage at all.

Any advice greatly appreciated!

Is that an extra zero on your salary?!

I would ring a couple of brokers and see what they say - your situation sounds quite specific although probably not unusual for brokers.

But also I would think it would depend on how much deposit you have and whether your credit record is linked to your husbands - which it may be even though you are not on current house deeds. And joint loans or bank accounts and you be linked.

Oh god yes! I earn £42 000 not 420 000!

Yes, my financial status is linked to my husband's. Is that likely to have a big effect?

I will try a few brokers. Thanks

If you are linked, a single application will pull up his history anyway. the fact you are paying £500+ a month off credit cards will help. Why is his unlikley to improve over the next 3 years.

He has just bought an expensive car on credit. I think that is likely to have a negative impact in addition to the other debt to his name.

so basically the much bigger issue is that you need to get your household finances under control

Did HE buy the car or did the LTD Company buy it? Because things I claim back didnt count when we went for our mortgage.

Cars can be handed back in the first two weeks of a finance agreement iirc, dh is motor trade & it's not something they shout about.

hello Icando

If you can get a mortgage great !
Fixed mortgage
Variable mortgage - in the past I believe it went up to 17%
Offset mortgage
There will be interest to pay on the mortgage too

However,there are lots of other things that cost money that need saving up for eg
stamp duty
house deposit
house survey
moving house costs
cost of doing up new house, buying new furniture, essential repairs
solicitor fees
mortgage arrangement fees
emergency fund / unforeseen costs
Buy alone or with a partner ?
Buy small easy to afford or big property ?

HTH

Good luck

Unfortunately he bought it.

Yes Talkin, that is the plan. We are working on it. Just thought we'd try and find a quicker alternative for us to move out of our current house. Thanks everyone for responding.