ReMortgage advice needed quickly please!!

flowergirl77

Hi everyone,
Some advice needed urgently please,
where to start!
my husband and i sold our house in september and are in the process of buying new one for 97k. our mortgage on our existing property is £70k we sold our house for £83,500 (17k less than what we paid in 2006).
We have our mortgage with abbey/santander and they agreed to lend us the extra 17k that we need for new house, however after a few weeks they've now said no. we are due to complete mid jan and are now finding it hard to get a new mortgage, we've tried Halifax and they said would lend us the £87k (with 10% deposit). However now after credit checks they've said they will only lend us 59K.
The problem is my hubby has an A rating on his credit check but i was made bankrupt back in 2002 and although its no longer on my credit file i have a low score because i'v never dared to apply for credit until now Everythig is in my hubby's name) - our current mortgage is in my mom's name and my hubby because of my bankruptcy.
Problem with keeping my mom's name on mortgage is that they want us to end mortgage in 17 years because she will be 75 then so it puts our payments up which we cannot afford (my hubby is only 28 so we could have a longer mortgage) our current one has 20 years left, but criteria has since changed so they want us shorten it to the 17.
Also to make things worse i stay at home with our 3yr and 1yr old,(the reason we are moving) so the only income i have is £7k from tax credits. My hubbys income is £17k. My mom's is £18.5k (another reason why we had her on our original mortgage - to boost what we could lend)
Basically i need to know does anyone know of a bank that will lend us £87k on our income and have fast application times. My poor mortgage adviser:A bless him is at his wits end with us. He's doing everything he can but unfortunately he's not whole of market (countrywide)
Any idea's from anyone would be gratefully received!
Thanks in advance.:(

LillythePink

Why can't you have the 17 year mortgage (ie hub and mum) but then remortgage in say 10 years (for example) when you have put some credit history on yourself and will be working therefore earning money

So, your mum will be off the mortgage within the 17 years and you will be on

How much of a hike are the repayments for teh 17 year mortgage?

Failing that ??

Conrad

Only lender I know would be quite a high rate at about 6% borrowing 90% so I guess thats too high a rate.

Senior_Paper_Monitor

Definitely the wrong lenders in the current environment. Stop banging in applications to the main high street lenders. Find an experienced whole of market broker who will stage manage this with a pre-discussion at BDM/underwriter level, almost certainly with a smaller lender.

I'm not sure I've completely followed your deposit/LTV situation (it's been a very long day!) and this will be a vital issue.

This one will not be easy (I'm not even saying its possible at the moment) but it will not happen with the route you are currrently taking - when you say 'due to complete' I hope you are not contractually committed.

flowergirl77

It would be an extra £228/month and in these economic times its really worrying us. could afford about half that, currently pay £505 We are currently paying 6.29% on abbey mortgage so 6% would be great. Also Halifax mortgage would be 7%.

Conrad

Senior_Paper_Monitor wrote: »

Definitely the wrong lenders in the current environment. Stop banging in applications to the main high street lenders. Find an experienced whole of market broker who will stage manage this with a pre-discussion at BDM/underwriter level, almost certainly with a smaller lender.

Countrywide is where I cut my teeth as a broker, but once fully trained and experienced, good people do not remain.

Your broker will not even know which lenders will do this.

Your Mum being party bto this will have a major baring especially if her age plus the mortgage term exceeds 65. Lenders ALWAYS trim the term to the oldest, not the youngest life.

My instinct is you will need at least 15% deposit.

Incyder

Your husband is brave, taking on a mortgage with his mother-in-law.
A sunday roast once every two months was all I could tolerate when I had one.