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Mortgage question
alunp
Posts: 105 Forumite
Imagine someone who is not able to get credit anymore and who certainly couldn't get a mortgage if they were to now apply for one.
They do however have a mortgage on their current property but its too expensive. The mortgage is also in joint names.
The property is up for sale due to inability to afford payments.
They wish to buy a cheaper more affordable house, and was told by a friend that they can simply lower their mortgage without reapplying if they stay with current mortgage company.
However, is this true if the new purchase is in sole name not joint (remember the current mortgage is in joint names).
They do however have a mortgage on their current property but its too expensive. The mortgage is also in joint names.
The property is up for sale due to inability to afford payments.
They wish to buy a cheaper more affordable house, and was told by a friend that they can simply lower their mortgage without reapplying if they stay with current mortgage company.
However, is this true if the new purchase is in sole name not joint (remember the current mortgage is in joint names).
0
Comments
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It's not true under any circumstances, sole joint or either.
Every new mortgage application higher or lower, same or different lender is treated on the whole exactly the same.
You will be credit checked and the case underwritten at the very least.
Cheers
Andy0 -
Andrew, Thanks for that. I guess a chat to L&C might be in order to see what the Averse Credit Mortgages are like. Either that or rent.0
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