Remortgage - Can only get single application

activex

I am coming to the end of my mortgage fixed rate deal and feel an off-set mortgage would be better for us. I have applied for a mortgage but can't get one as my girfriend has a bad credit rating and has debts and a IVA going through. I have enquiried about getting a mortgage in my name and should be able to with my income. However, my girfriend doesn't want this as she will no longer be on the mortgage and thinks if anything happens, she will be entitled to nothing.

I dont want to do a single application if i can help it, but i can't see how we can get a joint mortgage.

Our mortgage is going from 500 to 600 a month and by changing it we could save a lot of money. Is there anything i can do to?

pinkshoes

So since initially getting a mortgage together, your g/f has since got herself a shocking credit rating/bad debts/IVA?

As you are financially linked, have you actually checked your credit rating, as this might affect you too?

You can't magic a good credit rating over night, so you don't really have many options other than going on to the variable rate, and remaining on it for a few years, until your g/fs credit rating is good enough.

activex

Hi,

She had loans before i met her but this last year so so she got into problems and has applied for an iva. All i want to know if if i can get a mortgage on my own with another company, is there anything i can do so if we do split up she will get half.

michelefauk

Hi
My partner has the mortgage on our house in his sole name, but we have a charge legally added to the deeds which states that if the house is ever sold then I get the first £xxxxx of the proceeds. This is because I put the profit from my previous house (which I owned in my own name before I met my partner) into our new house. We only had the mortgage in his name as my credit score was poor when we took it out. Hope this makes sense, a solicitor or conveyancing advisor would be the best person to advise

activex

Right thanks for that. I believe the deeds are in my partners name, would that make a difference.

Savvy_Sue

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Ian_Griffiths_Halifax

activex, what makes you think an Offset Mortgage is right for you?

freerein

My partner and I both put in different amounts as a deposit on our house when we first agreed it. Therefore we although we both pay the same mortgage payments each month we both invested different amounts in the first place.

We had our solicitor set up a "Deed of Trust" which goes with the mortgage and is signed by all parties. I put in 6.77% of the total value of the house and she put in 3.9% and this shows in our Deed of Trust. Therefore when the house is sold the first 6.77% goes to me, the next 3.9% goes to her and then the rest of the equity is split 50/50.

This way it is fair, legal and might help you in your situation. You could have a deed of trust drawn up to show that you put up x deposit and therefore own x% of the proceeds of the house and even though the mortgage is in your name only, you will both be paying the mortgage so any equity when sold would be split 50/50.

Peace of mind for her and an extra £100-£200 for your solicitors - as this is what it would cost.