Bad credit-is it worth being added to mortgage?

loublogs

Domino9 wrote: »

Is this something that has to be done now? Or are all the current home owners in a position to wait until you are debt free and you have a chance to improve your credit score? If there's an option to wait I would do that.

They want to sell it ASAP unfortunately. The option we also thought of is that my partner takes over mortgage on his own ( officially) and we get a legal document stating what we are each entitled to. We hope that the building society will look favourably on him as he has savings accounts and this mortgage with them.

hazyjo

You BF would not be able to get more than 5x his income, so that's a no-go. If he has considerable savings he could put towards it to get it down to 4x-something, he might have a chance.

Jx

loublogs

hazyjo wrote: »

You BF would not be able to get more than 5x his income, so that's a no-go. If he has considerable savings he could put towards it to get it down to 4x-something, he might have a chance.

Jx

He is already on the existing mortgage though, would we have to get a completely new one?

Having spoken to the building society, they said it was possible but we had to complete a form and send £150 ( subject to approval)

hazyjo

That was with at least two others though - at a time when they were handing large mortgages out like sweets. When he spoke to the BS did he go into detail about salary and that he'd want the mortgage on his own? Not trying to be negative, it's just not likely they'll let him continue it on his own.

Jx

loublogs

it was with 2 others and it wasn't for too large an amount though I do understand where you are coming from. Their interest payments are around £80 a month and they have been paying about £600 a month - so that's a lot of capital. Between the two of us we could afford to pay at least £600, I suppose we'll have to meet with an advisor who can look at our individual circumstances to explore further. Thanks for your replies.

Moglet

What's the house worth now compared to the mortgage outstanding? Don't the friends who want out want their share of equity either from selling or your bf (and you) buying them out?

loublogs

Moglet wrote: »

What's the house worth now compared to the mortgage outstanding?

The house has been valued at £99500, they have 79000 outstanding. We have been given opportunity to buy it at £92000

Moglet wrote: »

Don't the friends who want out want their share of equity either from selling or your bf (and you) buying them out?

Yes they do - we can do this. We won't be lending this from building society, so only need to repay the 79000 ( and any associated fees)