andy9137's UE Diary

[PlanB]

Re: andy9137's UE Diary

my company want us to relocate to a new part of the country from later this year!!!

Obviously this means moving home! We had thought we would rent (will we be able to??) and buy in 18 months when the defaults drop off assuming we can get a mortgage then.

Hello Andy and to AAD.

Do you need to sell your home when you relocate? Maybe you could consider whether it's beneficial for you to rent it out for the 18 months to cover the mortgage while you wait for all your defaults to fall off the CRA files when you may be able to take out a new mortgage on your next home.

This would depend on the maths.

Another thing to consider is whether your current mortgage is portable (transferrable to your next purchase) which may mean surrendering a good deal now with your current lender is counterproductive. It's easier to port a mortgage you've already got if it has a perfect payment history then trying to convince a new lender that they should take a risk with you.

Is your current mortgage in your sole name and are all the debts in your sole name? You've referred to having a wife.

Most employers will provide a relocation package when they require an employee to move to another area to continue with their employment with them. This could include some rental overlap. Is the relocation likely to be permanent?

Sorry for all the questions but here on AAD we like to take a holistic approach

[IF]

Re: andy9137's UE Diary

I don't think that Andy has the agreements IF. As far as I'm aware he hasn't sent any cca requests.

.

Ooops my bad, sorry all

[Pixie]

Re: andy9137's UE Diary

Very good points PlanB. I'm not very knowledgeable about mortgages...I haven't even had one myself for years.

No problem IF.

[TibetanMonk]

Re: andy9137's UE Diary

Didnt want to read and run, good luck mate!

[andy9137]

Re: andy9137's UE Diary

Hello Andy and to AAD.

Do you need to sell your home when you relocate? Maybe you could consider whether it's beneficial for you to rent it out for the 18 months to cover the mortgage while you wait for all your defaults to fall off the CRA files when you may be able to take out a new mortgage on your next home.

This would depend on the maths.

Another thing to consider is whether your current mortgage is portable (transferrable to your next purchase) which may mean surrendering a good deal now with your current lender is counterproductive. It's easier to port a mortgage you've already got if it has a perfect payment history then trying to convince a new lender that they should take a risk with you.

Is your current mortgage in your sole name and are all the debts in your sole name? You've referred to having a wife.

Most employers will provide a relocation package when they require an employee to move to another area to continue with their employment with them. This could include some rental overlap. Is the relocation likely to be permanent?

Sorry for all the questions but here on AAD we like to take a holistic approach

Yes this is exactly what we had planned to do - rent ours out and rent at the new location then port our mortgage in 18 months when the defaults drop off. As stated only one that worries me is the debt that wasn't defaulted but is still showing as late payments every month. This one obviously wont drop off and is being updated every month - Barclaycard sold to Link Financial Outsourcing. Any thoughts on how to deal with this as it will impact us in 18 months. Just noticed that Barclaycard did default us before selling this debt to Link and now Link are recording late payments every month when obviously this isn't the case as part payments are being made by Step Change. Any one had any dealings with these jackals?

[IF]

Re: andy9137's UE Diary

Hi, just checking if all is OK?

Best wishes
IF