Mortgage advise / help.to buy

[Smilebehappy123]

Sorry if this is long but just wanted some advise my 5year fixed rate comes to an end in June so will be looking to remortgage our property. this is a new build that was purchased 5years ago. Within the last year I have had a child and got married which has taken all of our savings. currently on mat leave and took the full year so some months very low wage , here is the situation

DH works full time and earns 25k a year
I was working full time earning 33k a year , once return to work next month I am doing 3 days for childcare reasons so will be earning around 19k a year so taking a big drop in my income
DH name is not on the mortage as I bought the property when single and me and DH wasnt together
We have saved non of the help to buy loan to pay back which starts accumulating interest in June
House situation is this
Outstanding mortage -78k. help to buy 23k and property worth around 115 / 120 thousand

My concerns are the following

• when purchased said property I was childless earning much more than I am now , i have also accumulated 3000 worth of CC. Debt over the last year , have a car on finance and will be paying for nursery one day a week , I'm.worried I am not going to look favorable to a lender in light of my new circumstances, the positives are I have never missed a single payment on my mortage
• should I be looking to add DH to the mortage ? He has no debt at all but was declared bankrupt around 15years ago. he very much learnt his lesson from this and has only one credit card that he pays in full each month
• once I return to work next month we can slowly start building our savings up again. We have worked it out would take 2.5 years to save the help to buy part of our home to pay the 23,000 in full x I cant decide I'f should do this or try and borrow the help to buy aspect of the home in with the mortgage

Any help much appreciated

I would talk to a mortgage adviser if I was you, they will be able to tell you the best thing to do for your circumstance. We used First Mortgage and they were great and free too, but i'm sure there are many like it. They can tell you the implications of the help to buy situation also.

We will be in a similar situation when our fixed term is up so it's not unusual, people have babies etc. If you've been able to afford and pay your mortgage on time until now then that must count in your favor.

Im not much help as in similar situation, but remember it’s 20% of the current valuation. So if the house price goes up, so will the amount you owe (so you might need to save more).
For that reason, I’m overpaying the mortgage instead of saving the cash. I intend to remortgage at some point and pay it back that way.

You should be able to enter into another deal with your existing provider and you will not undergo any new credit or affordability checks. If you want to change provider then it is most likely going to be beneficial to out your dh on the mortgage application, however his bankruptcy will automatically rule out a very large proportion of lenders. In your position I would just get another deal with your existing mortgage company or see an independent mortgage adviser.

If your DH is contributing to the mortgage / bills doesn’t he want to be on the mortgage anyway? I certainly would. If you paid a deposit and want to ensure your higher contribution is safe you can get a tenants in common mortgage. With both salaries you should be able to afford the mortgage even with the extra added. Well I say that based on the figures you’ve provided but you might have a lot of outgoings.

Another recommendation for seeing an Independent Mortgage Adviser! They'll talk it all through with you. Make sure you see one that doesn't charge you a fee