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Any hope of me getting mortgage???
grayz
Posts: 12 Forumite
Hi, long story this one, but bare with me please... 
I bought a flat with an ex, when we split up we tried selling it but was wrong time, so decided to rent it out (which has been happening upto now...)
My ex has said she wants her name off the mortgage (willing to sign it over to me, no questions, no £££) and I would like to move in the flat with my current partner but the problem I'm having is the flat has been valued at £150k, and I have £152k outstanding on my mortgage (Nationwide), Myself and partner applied for the mortgage but got denied because of the difference in equity (was told it has to be difference of £16k). And also having about £10k of debts didn't help also.
Between us we are on about £34k a year and have 2 dependants.
Anyone know if I have a chance of getting a mortgage for the flat??
Appreciate any help/ advice
I bought a flat with an ex, when we split up we tried selling it but was wrong time, so decided to rent it out (which has been happening upto now...)
My ex has said she wants her name off the mortgage (willing to sign it over to me, no questions, no £££) and I would like to move in the flat with my current partner but the problem I'm having is the flat has been valued at £150k, and I have £152k outstanding on my mortgage (Nationwide), Myself and partner applied for the mortgage but got denied because of the difference in equity (was told it has to be difference of £16k). And also having about £10k of debts didn't help also.
Between us we are on about £34k a year and have 2 dependants.
Anyone know if I have a chance of getting a mortgage for the flat??
Appreciate any help/ advice
0
Comments
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Not without paying the debt down to £135k. Even then you're looking at 4 times salary with 10k of debt. Selling it for 150k might be the best option, then concentrate on paying off your debts and saving up a deposit.0
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Not without paying the debt down to £135k. Even then you're looking at 4 times salary with 10k of debt. Selling it for 150k might be the best option, then concentrate on paying off your debts and saving up a deposit.
Thanks for the quick reply.
Have currently got it for sale at £150k but estate agents are saying I may have to drop the price soon, thing is I'm gonna be in debt if I sell it at 150k let alone another drop....
Looks like the only option though...0
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