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Topic starter
06/04/2012 2:46 pm
Hi there,
Just looking for some thoughts and advice....
My PTD ended April 2011 and I was discharged in August. My husband's finished in May 2011 and we are still waiting on discharge!! We are in a position where we really have to move house but know that this would be almost impossible right now.
My brother in law has however suggested that he would get a mortgage with me if this was possible. Any thoughts on what lenders would think if someone without debt applied with me? I've been keeping check of my credit rating etc and its currently sitting at just below 800.
Thanks in advance 🙂
06/04/2012 2:52 pm
I think it might be easier to have your brother 'host' a mortgage depending on the numbers and whether your deposit and his eligibility allows you to buy at the price you need.
Topic starter
06/04/2012 3:05 pm
Hi Pamjo
Sorry if I'm being stoopid but what does 'host' mean?
We've got about a 15 - 20% deposit at present for what we're looking for.
06/04/2012 4:59 pm
It means he(brother) would have the mortgage in his name until you are able to get it in your own name. You would also need to have a document saying he owned it 'in trust' for you but that's very everyday for a conveyancing solicitor. Just legalises that it can't be sold, extended or more borrowing against it without your agreement.
06/04/2012 5:30 pm
Hi melaniec.
I think Pamjo's suggestion makes good sense.
There is little to lose from finding out whether you could go joint on a mortgage. I'd suggest using a broker as they can easily research mortgage products from specialist lenders that you may not even have heard of.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
06/04/2012 11:34 pm
I'd be careful of joint borrowing as your checkered history could have an impact on your brothers credit file. If he could take the mortgage in his name until your credit file is squeaky clean it may be better all round!
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
07/04/2012 12:13 am
I meant the mortgage in your brother's name as host until you're more 'acceptable.'
If your score is 800 that's good but I'm sorry to say it might be updated with any new search.
Probably a good idea to speak with a broker as they have a handle on which lenders are bending which way and in which phase of the moon. Maybe they can establish whether you have better chances together with your brother or not without proceeding to an application.
