Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Stormkings
    • By Stormkings 13th Mar 17, 9:17 PM
    • 1Posts
    • 0Thanks
    Stormkings
    Wanting to remortgage but I've got a DMP.
    • #1
    • 13th Mar 17, 9:17 PM
    Wanting to remortgage but I've got a DMP. 13th Mar 17 at 9:17 PM
    Hi I hope someone can help!
    I'm on a DMP through excess personal loans, I have never defaulted any payments.
    I share a home with my husband and children. We want to remortgage to a lower interest rate and release some of our equity to build an extension to the side. We were told years ago that we wouldn't beable to to make a joint application because of my DMP as it would be refused!
    We thought it would be simple to take my name off the deeds of the house and my husband could make a single application! Santander refused because I'd still be living in the property!
    My husband contacted nationwide who said it wouldn't be a problem even if I was still in the property and he even triple checked with them, so he went ahead with application.
    He had a phone call today to say the information he was given was wrong and my husband couldn't get a mortgage because I would still be living here, we would still be married and I would have an 'interest' in the property!!
    We only have a 54k mortgage and want to lend 60k and have 120k equity in the property.
    I don't know what our options are?
    Has anyone been in a similar situation?
    Thanks
Page 1
    • Thrugelmir
    • By Thrugelmir 13th Mar 17, 10:41 PM
    • 53,722 Posts
    • 46,489 Thanks
    Thrugelmir
    • #2
    • 13th Mar 17, 10:41 PM
    • #2
    • 13th Mar 17, 10:41 PM
    We thought it would be simple to take my name off the deeds of the house and my husband could make a single application!
    Originally posted by Stormkings
    If it were that easy then the situation could simply be engineered at will. Lenders will protect their own interests first. In that in the event that a claim should be made by creditors against you under the Insolvency Act from creditors. Then the asset is at risk. You cannot simply gift away equity by transferring ownership.
    “ “Bull markets are born on pessimism, grow on skepticism, mature on optimism, and die on euphoria. The time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell.” Sir John Marks Templeton
    • ACG
    • By ACG 13th Mar 17, 11:06 PM
    • 14,883 Posts
    • 7,487 Thanks
    ACG
    • #3
    • 13th Mar 17, 11:06 PM
    • #3
    • 13th Mar 17, 11:06 PM
    Very few lenders will do a single application.
    There are lenders who will lend to you jointly or in your husbands name only.

    Another option would be to switch your current mortgage with your current lender to a competitive deal and then obtain a secured/unsecured loan for the £6k.

    There are various ways to do it, all will have their pros and cons so its probably a good idea to sit down with a Mortgage broker to discuss your options.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

176Posts Today

1,293Users online

Martin's Twitter
  • RT @themiltonjones: Bother. Chucked out of Question Time.

  • Hmm I meant getting radical in my last tweet - having googled 'getting rad', I may not be in touch with t'lingo... https://t.co/t538UveBuz

  • Dimbleby becomes the Dimblebomb and kicks someone out. Question time getting rad #bbqt

  • Follow Martin