mortgage transfer

jargirl

I have been paying a mortgage for over 5 years anyd never missed. I wanted to transfer the mortgage onto a house which i am buying from my dad at a lot lower than the value and about the same as my present mort. My lender said i failed the credit check because i am 83 a month short but they are happy to let me carry on paying the present mortgage. Can anyone advise me ehat to do

kingstreet

Lending criteria and affordability checks are more stringent than they were five years ago, so you're falling foul of the new regime. They can't do anything about the mortgage you've already got, but they can restrict your next one.

Can you find another lender?

Thrugelmir

Buy the house from your Dad for less, so smaller mortgage required. Then come to an informal arrangement as to how you'll repay the balance to him.

herbiesjp

Are you tied in to your current lender?

What price are you paying for the property and what mortgage amount do you have?

What is your income, and what other debts do you have?

Crashandburn

Failed credit check or failed affordability? Two different things.

If credit check, then try another lender.

If falling short by £83 per month (sounds like santander), then try eeking out the term of your mortgage a little bit longer to fit their affordability calculations. Once it completes, make payments in line with what you originally wanted to pay to in effect have your original term back