Mortgage Refused - Help Please

SRCoates

Hi

Can any help with this problem.

Me and my Partner recently split up and I am trying to take on the mortgage myself.

The mortgage amount will remain the same (my parents are giving me the money to buy out her half) all that is going to happen is that the names on the mortage agreement will be transferred from both names into mine.

When we took out the mortgage it was based mainly on my income as my partner was a student, since then I have taken out no further credit, my salary has increased and the value of the house has gone up.

But I have spoken to the bank and they are saying that on my own I fail the credit check and they cannot put the mortgage just in my name.

Does anyone have any ideas as to what i can do to improve my credit rating quickly or anything else I can try so that we don't have to put the house on the market?

Thanks in advance

Si

Cannon_Fodder

Have you checked your credit rating?

http://www.moneysavingexpert.com/loans/credit-rating-credit-score

Identify the specifics, deal with them. Wait a while, review score to see if improved.

Not being on the electoral role is one common oversight.

SRCoates

Thanks for the response

Yeah, Ive checked my credit rating, its coming back as good.

I'm just cancelling a Credit Card thats clear and not been used for several months to see if that helps.

I'm on the electoral role. Just got my poll card through this morning.

Cheers

Si

herbiesjp

What is the property value?
What is your gross annual basic salary?
What is the mortgage amount needed?

Are you tied in to your current deal - if you leave what penalty would you incur?

SRCoates

The house cost us 90K when we bought it 17 months ago, and most internet valuations (based on postcode) say around 93K

My basic salary is just over 20K

The mortgage was for 80K, as we only had the morgage for 17 months the amount now is not much lower

My current fixed rate deal runs out in December this year, to get out now would cost just shy of 2K

Cheers

Si

herbiesjp

The figures you are looking at, are causing you the problems.

Who is your current lender?