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Joint Mortgage with one partner on a Debt Management Plan
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Thirsty1
Posts: 1 Newbie
Hi,
My wife and I are currently looking to take out a new mortgage to buy a new home. Unfortunately I was badly advised about taking out a DMP 2 years ago, as they said that it want affect us getting another joint mortgage, just the rate would increase. However no Mortgage provider will touch us with a barge pole now, for a joint mortgage.
So we had applied for a re-mortgage with Satander just under my wifes name and luckily she earns more than me so we can get 100% of her earnings. They said that they could not have my name still on the agreement because of the DMP and that they can give us the money that we needed to buy the new home that we were looking for. They did affordability and supplied us with the certificate confirming the amount. My wife had the mortgage interview on Tuesday and they have declined the mortgage based on the fact that she can't afford it. However the amount on their budget sheet supplied 1 minute before the interview was considerably in credit (£300 per month more than her outgoings). This was including the fact that she was paying ALL the bills and they would not take into account that I was even helping to pay for the car, the dogs, the bills etc.
We have arranged to have a meeting with a independent mortgage adviser in a few days time so hopefully they can help, but in the mean time does anyone have any suggestions?
My wife and I are currently looking to take out a new mortgage to buy a new home. Unfortunately I was badly advised about taking out a DMP 2 years ago, as they said that it want affect us getting another joint mortgage, just the rate would increase. However no Mortgage provider will touch us with a barge pole now, for a joint mortgage.
So we had applied for a re-mortgage with Satander just under my wifes name and luckily she earns more than me so we can get 100% of her earnings. They said that they could not have my name still on the agreement because of the DMP and that they can give us the money that we needed to buy the new home that we were looking for. They did affordability and supplied us with the certificate confirming the amount. My wife had the mortgage interview on Tuesday and they have declined the mortgage based on the fact that she can't afford it. However the amount on their budget sheet supplied 1 minute before the interview was considerably in credit (£300 per month more than her outgoings). This was including the fact that she was paying ALL the bills and they would not take into account that I was even helping to pay for the car, the dogs, the bills etc.
We have arranged to have a meeting with a independent mortgage adviser in a few days time so hopefully they can help, but in the mean time does anyone have any suggestions?
0
Comments
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If you aren't a party to the mortgage the applicant has to be able to afford everything alone. In addition, Abbey/Santander has changed its affordability/budget planner in the last two weeks, making it more stringent.
Your broker plan is the best next step.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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