Can anyone help?

EL321

Me and my partner are trying to get a mortgage at the moment, we have actually put an offer on a house and the Halifax have given us a mortgage guarantee. However, when we went to book the mortgage deal, they said that actually my partner had to sell his house or they would not be able to borrow us enough. (We both have properties to sell, mine has the equity and is sold, he was going to carry on paying morgate on that as its only a small mortgage and basically just hope it sells quick)

We have two problems, the other one being they wont take my wages into account because I am startnig a new job in September (teaching and also its because its through 'agent' work and I will be classes as self employed.

The frustrating thing is I have had a mortage with the Halifax for over ten years, never missed a payment etc etc and they are still being very cautious, which I understand to some extent. We have also asked another bank and had the same problems.

Does anyone know of any ways around either of these problems (we have also looked at getting my parents as guarantors but they are too old). If they would either take my wages into account or be happy that my partner will sell his property then we would be able to borrow enough.

We are going to ask an independent advisor as well and also maybe ask my partners bank which has his mortgage, but I really think they will all have the same answer. The Halifax have actually put the mortgage through, but wont actually allow us to have the amout we want until his sells, if it doesnt we might miss out on our dream house!

Hope someone has some suggestions!!

maninthestreet

You really need to give us details of the mortgage you are applying for, the existing mortgage your partner has, and your annual income details for both of you.

opinions4u

The Halifax have actually put the mortgage through, but wont actually allow us to have the amout we want until his sells, if it doesnt we might miss out on our dream house!

I know it may not feel like it right now, but there will be other dream houses. The market is not exactly galloping along at a rate of knots.

beecher

Your choices seem to be to rent for 6 months and be in a stronger position as your income will be counted, or to slash the price of your partner's property in order to get a quick sale. There will definitely be other dream houses in 6 months time.

EL321

My partner is prepared to accept a low offer to get rid of it, but I am worried that it wont go quickly. My income according to Halifax wont be counted for 18 months.

I was wondering if a broker would be able to do something. My house will give us just over 40% deposit, then on my partners income we can have 105,000 mortgage but if he doesnt sell its more like 50,000 - even though his mortgage payments are no more than 200 a month (and our new mortgage payments will be 511 a month if we go with the Halifax). The house we are buying is 188,000, so with 80,000 equity from mine and the 105,000 we can either put the rest from our savings (between us we've got at least 10,000 after taking away for solicitor and other expenses or my mum will borrow us some as well. The strange thing is if they did take my wages into account, they would borrow us double (about 210,000 I think they said) even though my wages are not the same as my partners, his is 28,000, mine is 21,000. I just think if my own bank wont give it to us then theres not much hope!

Conrad

From what you say, your case seems to be doable to me.

You mentioned seeing a broker. A few points to be mindful of;

This needs to be done very carefuly as lenders are now more than ever talking to one another, for example enquiring why the deal with Halifax deal stalled.

Your partners mortgage might be able to be ignored but the new lender might require written evidence the existing lender has consntet to let.

All in all a bit complex, but a good experienced broker that sticks to do mortgages only, should help.