I know there are several threads on this type

scorpio80

Hello all,
Firstly I know there are several threads on this type of thing already but I just want to outline my particular case and see if anyone can advise?

Myself and my ex girlfriend currently have a mortgage with C&G, she moved out when we split nearly a year now saying she wanted nothing more to do with the house or any profit in it. 6 months ago I put the house on the market as I knew she wanted off the mortgage. I at this point was living and paying for everything on my own. I spoke to C&G to see if I could take her off, and they said based on affordability they would not take her off and give me the mortgage on my own.

About 2 months ago I rented out 2 rooms giving me a rent exactly the same as the mortgage. Okay so she calls me up saying she has sought legal advice and that the solicitor advised I contact C&G as I now had people in renting the will give me the mortgage on my own. I earn approx £1600pm in wages and £550 in rent. My mortgage is only £550 I have no major debts, have car on finance, usual credit card and overdraft. They advised it would go off to an under writer to be processed and he/she has come back and refused it on affordability?? I was a little confused to say the least. After doing some digging with them it transpires it has to do with my credit history. As I stated to the lady I have never had and ccj’s always paid my mortgage off but missed a payment on home phone and credit card when my company changed our pay from weekly to monthly.

My ex is now on my case constantly to get the house sold. I have it on with two estate agents, what more can I do? I don’t really want to sell the house although I will hopefully be moving next year to join the police. I thought I could try and keep it on, rent it for a few years but is it worth all this stress. I don’t have the money to put down as a deposit and the house is not in negative equity. Can anyone give any advice? How can I get clear of all this?

Thanks

Bufger

Personally i would go back to the ex's solicitor and show them you were refused once again. I would then save as much money as possible over the next few months ready for a deposit with your part of the equity. Your mortgage is being directly paid off and you're left with alot of money at the end of that. You have other outgoings but i think you have the possibility to save a few k in a short time.

Just keep satisfying the solicitor by trying every now and then and in the meantime make as much money from the rental of the house as possible.

benjo

Bufger is right, send the Ex's solicitor a copy of the letter declining to lend, if they are that insistant you take on the mortgage alone perhaps they can suggest how you force a lender to lend (tongue in cheek).

Im guessing your Ex is so keen to get off the mortgage because she wants to buy a place of her own - but not much you can do about that atm. Take a look at the debt free wanna be board, there is some great ideas re: cutting costs and increasing income, save like your life depends on it and in that time the poor credit will drop off your file.

You dont mention if you are tied in with C & G and what your current deal is, how much you owe, how much the house is worth, how your income is made up (ot/bonus etc). Depending on your answers it may be possible for a whole of market broker to look at other lenders that would allow you to remortgage alone. Post a SoA here and perhaps some of the money men/women might be able to help more.

Goodluck and let us know how you get on.