could i possibly take on the mortgage?

masterlumps

looking at where we are at with this mortgage just now and we pay 500 a month, contractual is only 350 but we have arrears

*mortgage is solely in husbands name
*he is employed
*his credit rating is truely trashed

we only have about 20k outstanding but of course he cant remotrgage as no one would touch him

is it possible for me to take a mortgage on the property, we live in scotland, but the house is just my husbands. is there anyway we could change this so that i could do it.

over 15 years it would cost a third of what we are paying now, only other thing is i am self employed :?

poppy_f1

how much would you say it was worth
and whats your earnings

Thrugelmir

Can you afford to make higher repayments than £500pm?

If your mortgage is only £20k. Why will you be paying it for another 15 years?

masterlumps

masterlumps wrote: »

looking at where we are at with this mortgage just now and we pay 500 a month, contractual is only 350 but we have arrears

*mortgage is solely in husbands name
*he is employed
*his credit rating is truely trashed

we only have about 20k outstanding but of course he cant remotrgage as no one would touch him

is it possible for me to take a mortgage on the property, we live in scotland, but the house is just my husbands. is there anyway we could change this so that i could do it.

over 15 years it would cost a third of what we are paying now, only other thing is i am self employed :?

Thrugelmir wrote: »

Can you afford to make higher repayments than £500pm?

If your mortgage is only £20k. Why will you be paying it for another 15 years?

no i dont want to make higher payments - the whole purpose of this is to bring the monthly cost down
dont know why i put 15 years as the mortgage has 10 years remaining

poppy_f1 wrote: »

how much would you say it was worth
and whats your earnings

its worth about 100k
earnings are 25k

masterlumps

and now can i ask that people asnswer the actual question please, affordability and term were not the query

i just want to know if it is possible to do it ?

Thrugelmir

How long before you clear the arrears?

Although its only your husbands name on the mortgage you are connected through financial association. Something which may well influence a lenders decision.

Other unsecured debts between you as well?

JimmyTheWig

Firstly, this is an open forum - people can answer what ever questions they like. Imagine it the same as asking the question while sitting at the bar in your local. Do you think every response would be helpful and to the point? Sometimes the answers can be more useful than the answers to the actual question.

Secondly, to try and answer your question. It depends on various things. If you've got joint accounts then your finances will be linked and your husband's trashed credit will reflect on yours. If the mortgage is solely in his name, does that mean the house is? So you'd need to transfer the house to your name and apply for a mortgage. This will need legal fees as well as any mortgage costs. Which means if it is possible it will be costly. Do you have three years of self-employed accounts that prove your income?

Thirdly, I'll give my two pennyworth. Feel free to ignore it. £350 a month for a £20k mortgage that has 10 years to run suggests an interest rate of around 16%. That is one seriously bad mortgage if that's the case. I'm guessing you may have the figures wrong.
Does the £20k outstanding include the arrears? If not, yuo'd need a mortgage that covered those, too.
The extra £150 a month - does that run for the whole 10 years or will the arrears be cleared before that? If they are due to be cleared shortly, can you cope each month until that happens?

You are in the enviable position of having a small mortgage balance outstanding.
it is likely (though not if you're paying 17%) that you'd pay way more in fees in sorting this all out than you would save in interest by getting a better deal.

If you only want an answer to your question then go and see a mortgage broker.
If you want more information about what we think you should do then come back and answer some of these points.

masterlumps

will be about 2 years before the arrears are clear

no other unsecured debts, although we have previously had some so i know we are well and truely financially linked.

im just not sure how things work, having never had to mortgage and didnt know if i was able to mortgage the property being in his name only or if he would have to 'sell' it to me

masterlumps

JimmyTheWig wrote: »

Firstly, this is an open forum - people can answer what ever questions they like. Imagine it the same as asking the question while sitting at the bar in your local. Do you think every response would be helpful and to the point? Sometimes the answers can be more useful than the answers to the actual question.

Secondly, to try and answer your question. It depends on various things. If you've got joint accounts then your finances will be linked and your husband's trashed credit will reflect on yours. If the mortgage is solely in his name, does that mean the house is? So you'd need to transfer the house to your name and apply for a mortgage. This will need legal fees as well as any mortgage costs. Which means if it is possible it will be costly. Do you have three years of self-employed accounts that prove your income?

Thirdly, I'll give my two pennyworth. Feel free to ignore it. £350 a month for a £20k mortgage that has 10 years to run suggests an interest rate of around 16%. That is one seriously bad mortgage if that's the case. I'm guessing you may have the figures wrong.
Does the £20k outstanding include the arrears? If not, yuo'd need a mortgage that covered those, too.
The extra £150 a month - does that run for the whole 10 years or will the arrears be cleared before that? If they are due to be cleared shortly, can you cope each month until that happens?

You are in the enviable position of having a small mortgage balance outstanding.
it is likely (though not if you're paying 17%) that you'd pay way more in fees in sorting this all out than you would save in interest by getting a better deal.

If you only want an answer to your question then go and see a mortgage broker.
If you want more information about what we think you should do then come back and answer some of these points.

firstly the question was CAN it be done, not can i afford it or how is my credit rating. these would be things considered way down the line

secondly i completely understand how open forums work. i am well aware that people can answer whatever questions they want, however i was merely asking that if answering this post to answer the question i had asked, which was about the legality of the situation not the financial implications. No i dont want information about what you think i should do, i wanted information about whether or not it was POSSIBLE to do it

thirdly you can stick your attitude where the sun dont shine

Thrugelmir

masterlumps wrote: »

however i was merely asking that if answering this post to answer the question i had asked, which was about the legality of the situation not the financial implications.

The answer to this is that everything interlinks. There is no issue legality involved here. A potential lender will take a hard cold commercial view. As basic as that.

The questions I ask are to build a picture. Not to pry. Its surprising what suddenly pops out. Something small which changes the whole picture instantly.

masterlumps

Thrugelmir wrote: »

The answer to this is that everything interlinks. There is no issue legality involved here. A potential lender will take a hard cold commercial view. As basic as that.

The questions I ask are to build a picture. Not to pry. Its surprising what suddenly pops out. Something small which changes the whole picture instantly.

thank you, i just didnt know how things work with the house just being in my husbands name, but me wanting to take on the mortgage. perhaps i didnt explain myself very well initially