mortgage advice

roofeb

I need some advice. i have previously had a mortgage with Abbey and never missed a payment. I have now moved into my partners house and we saw a house we liked, due to the current climate, we decided to keep his house and apply for a mortgage in my name.
I had two agreements in principle and decided to go with Abbey, I declared all o/s debts and had a deposit. When it got to underwriters it was declined, they advised there was debt that had not been declared. I checked my credit file and all was as I had advised. Therfore i do not know how to resolve this.

we have now seen another property and i am concerned about another rejection, my credit rating is poor but I have paid off a large amount, so I am hoping the rating will improve.
I want to borrow 184,00 Prop value is 215000. (the amount to borrow is 30k less than we originally applied for) but i am concerned about being rejected again.

we want to keep my partners house and rent it. My question is should we reapply as a sole applicant or apply as joint and pull into account my partners income and property £106,000 mortgage on a £130,000 property.

sole oncome 45,500 o/s debt 25k ish
joint income 76,000 o/s debt 6,000 ish

Many thanks

WallyMan

Hi there

Firstly I'd suggest you have a word with your proposed lender regarding the lending multiples currently available. Not that long ago it was possible to get largle multiples from Abbey. If you are applying on your own you will need approx 4* multiple which is very high in this climate.

The other thing to consider is the LTV value. Your asking to borrow about 90% LTV which is very high in this current climate. As the LTV rate climbs so do you need to have a very good credit score. I'm not even sure if Abbey do a 90% product any more. Worth checking

Good Luck!

roofeb

thankyou, i thought that might be the case, as I understand the market is very volatile at the moment, would it be worth condidering a 2nd mortgage, and using my partners house as a buy to let investment ?

Many thanks